Follow Us

Compliance Insights Articles

Search

Final Stage Troubleshooting for SM&CR

Nov 19, 2019

Final Stage Troubleshooting for SM&CR

With just over two weeks to go until commencement, solo-regulated firms should be finalising their preparations for the start of the Senior Managers and Certification Regime. Firms can use the FCA’s checklist to make sure they’re on the right track, but we’ve had a number of queries from firms who are struggling with some of the finer points of the Regime, so this week we’ll take a look at final stage troubleshooting. Statement of Responsibilities One of the most common topic

Final preparations for the Senior Managers and Certification Regime

Nov 12, 2019

Final preparations for the Senior Managers and Certification Regime

Aiming to strengthen accountability and responsibility in financial services, the Senior Managers and Certification Regime will complete its roll out across the industry when solo-regulated firms come under the Regime on 9 December 2019. With deadline day less than a month away, this week we’ll take a look at how firms can make the most of the run-up to implementation day. Solo-regulated firms can take heart from banking firms, which have been subject to the regime since Marc

Allocating Prescribed Responsibilities Under SM&CR

Jul 23, 2019

Allocating Prescribed Responsibilities Under SM&CR

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

Senior Managers & Certification Regime: Conduct Rules Implementation

May 1, 2019

Senior Managers & Certification Regime: Conduct Rules Implementation

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

Statement of Responsibilities & Prescribed Responsibilities Under SMCR

Apr 16, 2019

Statement of Responsibilities & Prescribed Responsibilities Under SMCR

This week we’re going to take a look at the content of Statements of Responsibilities (SoRs), – the document outlining the accountabilities of each Senior Manager - in particular focusing on Prescribed Responsibilities and considering examples of best practice, and some pitfalls that have the potential to breach the rules. For more detail on what a SoR needs to look like, head to our recent article, What is required in a Statement of Responsibility under SMCR. In short, ther

Regulatory Horizon for 2019

Apr 2, 2019

Regulatory Horizon for 2019

In this article, we’ll take a look ahead at the upcoming regulatory changes over the next nine months of 2019. In the last two years, firms have dealt with significant new legislative and regulatory rules and guidance, including the Dear CEO letter regarding complaints, the new Pre-action Protocol for Debt Claims, the new rules around Remuneration and Staff Incentives, new rules on Creditworthiness Assessments, and GDPR. Depending on the type of firm, your firm may be embeddi

What is required in a Statement of Responsibility under SM&CR?

Mar 19, 2019

What is required in a Statement of Responsibility under SM&CR?

The new Senior Managers and Certification Regime is designed to encourage accountability within firms, aiming to prevent misconduct by improving awareness of conduct matters within firms at all levels, and ensuring that the most senior staff within organisations are given responsibility for their direct actions and for a culture of compliance. From the implementation date, every Senior Manager will be expected to have a Statement of Responsibility – a short document that clea

SM&CR – What should you be doing now to ensure compliance?

Feb 14, 2019

SM&CR – What should you be doing now to ensure compliance?

As you will have seen from the previous articles in our series, the Senior Managers & Certification Regime (SM&CR) comes into force in December for solo-regulated firms, meaning that almost every regulated financial services firm will be under the regime. The implementation date appears quite a long time away but, as ever, there are steps you should be taking right now! This article aims to explore those steps, but first allow me to provide a very brief reminder of what the n

Reporting Requirements under the Senior Managers & Certification Regime SM&CR

Feb 5, 2019

Reporting Requirements under the Senior Managers & Certification Regime SM&CR

With the commencement of the Senior Managers and Certification Regime (SM&CR) slowly creeping closer we will be helping you to gradually build your understanding of the requirements. We’ll achieve this through a series of articles, each adding a layer of information to the last. You can read our articles on the SM&CR to date here. Next up is to understand the requirements in relation to reporting to the FCA. This is not to be confused with regulatory references which is a sep

Senior Managers & Certification Regime for insurance firms – What now?

Jan 2, 2019

Senior Managers & Certification Regime for insurance firms – What now?

As of the 10th December, insurance firms are now subject to the Senior Managers and Certification Regime. So as an insurance firm what do you need to be doing now to ensure continued compliance? SM&CR: A Summary The Regime replaces the revised Approved Persons Regime, and last month’s extension to insurance firms is part of the eventual roll-out of the Regime to all financial services firms. The SM&CR was introduced to banking firms in 2016 to address some of the issues that

What are Prescribed Responsibilities under the Senior Managers & Certification Regime (SM&CR

Nov 27, 2018

What are Prescribed Responsibilities under the Senior Managers & Certification Regime (SM&CR

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

Solo-Regulated Firms and The Senior Managers & Certification Regime

Nov 7, 2018

Solo-Regulated Firms and The Senior Managers & Certification Regime

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