Thought Leadership

Empowering you to connect the dots with the latest financial compliance news and updates

Thought Leadership

Empowering you to connect the dots with the latest financial compliance news and updates

FCA SMCR deadline extension: Some relief, but still much to consider

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.

Demystifying SMCR

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!

What Are the SMCR Conduct Rules?

The Senior Managers and Compliance Regime has three main elements that lie at the heart of the regime and its regulations. Having come about as a result of the 2008 Financial Crisis, and perceived failings at financial institutions SMCR is all about personal accountability and responsibility. Consequently, the have introduced five Conduct Rules required for SMCR compliance.

Coronavirus and SMCR: UK Regulators Set Out Their Expectations

A Guide to SM&CR

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.

Five key considerations for HR when building an SMCR compliance plan

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.

SMCR puts individual accountability under spotlight

FCA takes asset managers to task over subpar governance

The Financial Conduct Authority (FCA) has issued a stinging criticism of asset managers’ approach to liquidity management, governance, value for money and investing in adequate technology.

SMCR: What it means for you

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.

FCA warns CEOs to tackle non-financial misconduct as SMCR provides an additional tool to encourage cultural change in firms.

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.

SMCR burden to hit solo-regulated advice firms hardest

The introduction of the Senior Managers & Certification Regime (SMCR) is intended to increase transparency and accountability within the UK financial services sector. But, during the transition to this model, financial advisers and advice firms could have to deal with a greater administrative burden.

Time is running out for SMCR compliance

With just two weeks to go until the deadline for brokers and MGAs to comply with the new Senior Managers and Certification Regime (SMCR), it is clear that firms are running out of time to put the necessary processes in place.

Compliance and HR teams must work together to get ahead of SMCR deadline and resolve potential conflict

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.

All change, all change

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

Survey shows most advisers working towards SM&CR compliance

Most advisers are aware of the Senior Management and Certification Regime that comes into force in December 2019 and almost two thirds (62 per cent) of advisers are well on the way to being compliant, according to a survey of 325 users of Intelliflo’s software in March 2019.

Can Small Firms Really Stay Compliant?

Whether you are the biggest banking conglomerate or the smallest financial business, there is at least one thing you have in common – the legal and moral obligation to adhere to financial regulations.

Mortgage Business Expo 19: SMCR Regulation could benefit the bridging sector

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

Act now to be ‘SMCR ready’

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.

The Final Countdown: 2 Months to Go Until SMCR

As the industry’s attention remains on the Halloween Brexit deadline, there’s another frightening date which has been flying under the radar.

The Mortgage Alliance: Advisers should prepare for SMCR

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

New FCA regime highlights F&I professionals’ duty to ‘stay competent’

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 watchdog tells firms to think, not tick boxes

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.

SMCR Roll-out: Less Than Three Months To Go, Are Firms Ready?

The second wave of the Senior Managers and Certification Regime (SMCR) will be active from December 9, 2019. With less than three months to go, this article provides some background, guidance and practical tips for all firms that will fall under the regime.

Advisers ‘largely unprepared’ for SMCR

Advisers are “largely unprepared” for the implementation of the Senior Managers and Certification Regime later this year, a compliance specialist in the industry has warned.

IFAs still unsure over Senior Managers Regime support

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.

FCA Publishes Final Rules Confirming Amendments to SMCR

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.

FCA investigations into City directors rise sharply as complaints about non-financial behaviour soar at insurers and banks

The number of top brass of financial companies being investigated by the UK’s watchdog has more than doubled in two years, with nearly half of those being scrutinised for failings in culture and governance.

Five takeaways from the FCA’s annual report

The extension of the Senior Managers & Certification Regime (SM&CR) is expected to be the most impactful regulation since MiFID II came into effect 18 months ago. From 9 December, the rules will extend to all 47,000 authorised firms that are not yet covered by the regulation.

Insurance industry progressing “more slowly” than banks in its compliance, says FCA conduct director

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.

IFAs seeking outside help and guidance on SM&CR

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

With Great Power Comes Great Responsibility

How to Deal With the Growth in Accountability and Responsibility Regulations

Directors feel the heat following increased FCA scrutiny

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

FCA issues SMCR reminder to firms

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:

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: