Compliance Insights Articles

As solo-regulated firms are preparing to leave behind the Approved Persons Regime and implement the Senior Managers and Certification Regime, November is the ideal time for Senior Managers to revise the changes that will affect them from 9th December. Senior Management Functions will replace Controlled Functions, and there are likely to be fewer SMFs in the organisation than there were CFs. There are a range of additional and enhanced responsibilities and expectations, includ

Under the incoming Senior Managers and Certification Regime, Core and Enhanced firms will have to allocate Prescribed Responsibilities to appropriate Senior Managers. The Prescribed Responsibilities are specific areas or high-level duties that the assigned Senior Manager must have oversight and ultimate responsibility for, such as the firm’s policies and procedures for countering the risk of the firm being used for financial crime. It is up to each firm to allocate these resp

The Senior Managers and Certification Regime is due to commence on 9 December 2019 for solo-regulated firms, and on 10 December 2018 for Insurance firms. Solo-regulated firms still have just over one year to finalise preparations for transition to the new Regime. Our article this week looks at Prescribed Responsibilities – what they are, how they’ll apply to each type of firm, and what to look out for. RELATED ARTICLES: Allocating Prescribed Responsibilities Under SM&CR RELAT

The Senior Managers & Certification Regime (SM&CR) is due for implementation in solo-regulated firms on 9 December 2019. With 2019 just around the corner, firms should be using the recently published Guidance document to plan their transition to the new regime, and preparations should be well underway. The regime replaces the previous Approved Persons Regime after a Parliamentary Commission found that the APR did not apply widely enough within firms. This week, we look at wha