The FCA has extended the deadline for fulfilling certain elements of the Senior Managers and Certification Regime (“SMCR”) from 9 December 2020 until 31 March 2021.

A particular aspect of the UK regulatory environment is that financial institutions can be classified in a number of different ways. For example, it’s possible for a firm to be classified as an FCA-regulated firm, an investment firm, a portfolio manager, a small CASS firm and an ‘IFPRU’ firm – amongst others!

SM&CR, the Senior Managers and Certification Regime is the Financial Conduct Authority’s (FCA) new regulatory framework and governance package applying to all FCA regulated financial firms in the UK. This includes companies providing investment services, such as asset managers, brokers and financial advisers, mortgage and insurance brokers and other consumer credit providers.

HR Managers should now be fully aware of the Senior Managers & Certification Regime (“SMCR”) that has replaced the Approved Persons regime for most financial sector firms regulated by the FCA/PRA. This regulation will make a significant impact on the UK financial services industry and indeed any organisation now offering finance under FCA regulation.

It’s been over a month since the senior managers and certification regime landed on 9 December, so what do you need to really focus on now? The important thing for firms to remember is that rolling out SMCR is not a one-off, tick-box exercise.

The FCA has warned CEOs that how a firm handles non-financial misconduct is indicative of a firm’s culture. It is the FCA’s view that embedding healthy cultures includes, therefore, taking steps to address the discrimination, harassment and bullying that remains “prevalent” in firms.

The deadline for solo-regulated firms to implement the Senior Managers and Certification Regime (SMCR) is now just three weeks away (9th December 2019). SMCR increases the burden on firms to ensure that their people are “fit and proper” to carry out regulated functions and that high standards of conduct are upheld.

The SMCR will have big repercussions for the industry. Have you made the necessary preparations ahead of the December deadline?

The FCA’s Senior Managers & Certification Regime (SM&CR) comes into force on 9 December.

TMA has warned that advisers looking to ensure that their firm is compliant with the upcoming Senior Managers & Certification Regime (SMCR) need to complete any final preparations now.

On December 9 this year, the Financial Conduct Authority’s (FCA) Senior Managers and Certification Regime (SMCR) for consumer credit firms – including motor finance and insurance sellers – comes into effect.

Britain’s finance industry watchdog wants financial services firms to think for themselves when applying new accountability rules for staff rather than adopt a “tick box” mentality for the new SMCR regime.

Two thirds of IFAs have said they will still be looking for outside help and guidance before getting ready for December’s Senior Managers and Certification Regime deadline.

In January 2019, in CP 19/4 the FCA consulted on changes to optimise SMCR. Policy Statement 19/20 summarises the feedback the FCA received on the Consultation Paper and sets out the final rules. These rules are relevant to all SMCR firms.

The insurance industry is progressing “more slowly” than the banking sector in its compliance with rules set out by the regulator, according to a senior Financial Conduct Authority (FCA) official.

Two thirds of IFAs plan to seek outside help and guidance ahead of December’s deadline.

The Financial Conduct Authority is issuing a reminder to FCA-authorised firms that they need to start preparing to be ready for the new regime coming into effect on 9 December 2019.

As part of the Senior Managers & Certification Regime (SMCR), the FCA consulted on introducing the Directory – a new public register and user interface that would: