Compliance Insights Articles

This winter sees the introduction of the conduct rules for solo-regulated firms, insurance firms and banking are already complying with SM&CR and thus the conduct rules. Whilst the rules themselves are quite high level (this article is not covering the rules themselves, if you would like a reminder of the conduct rules please read our blog "SM&CR Conduct Rules Training Requirements") there are a few specific steps firms must take to comply with the new COCON requirements. The

With summer just around the corner, December may feel like a long way off. But there are only seven months to go until the Senior Managers and Certification Regime (SM&CR) is rolled out to all solo-regulated firms. The Financial Conduct Authority (FCA) published finalised guidance in March to offer firms additional practical assistance and information on the preparation and production of Statements of Responsibilities (SoRs) and Responsibilities Maps, and offered a timely rem

This week we’re going to take a look at how Non-Executive Directors will be affected by the implementation of the Senior Managers and Certification Regime in solo-regulated firms. Previously, under the Approved Persons Regime, all of a firm’s directors needed approval from the Regulator. This changes with the SM&CR, and from commencement, non-executive directors that do not also undertake a Senior Management Function do not require approval under the Senior Managers Regime. T

With next week marking one year until the roll-out of the Senior Managers and Certification Regime to solo-regulated firms, all affected firms should now have a clear plan for the introduction of the Regime into their firms. The Regime, which aims to improve the culture of financial services firms by ensuring accountability from the top down, replaces the Approved Persons Regime and introduces specific responsibilities for Senior Managers and for staff subject to the Certific