Compliance Insights Articles

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

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

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

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