The Senior Managers and Certification Regime (SMCR) was implemented on 7 March 2016 in Banks, Building Societies, Credit Unions, Large Investments Banks regulated by the PRA and branches of Foreign Banks operating in the UK. The FCA defines the aim of the new Senior Managers and Certification Regime (SMCR), is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence.

Click here to read more on the FCA website.

On 4 July the FCA published this PDF 'Extending the Senior Managers & Certification Regime to FCA firms -  Feedback to CP17/25 and CP17/40, and near-final rules'.  These rules will apply from 9 December 2019 for FCA solo-regulated firmsSolo-regulated firms are regulated by the FCA only. Dual-regulated firms are regulated by the FCA and the PRA. See the new guide from the FCA here.

The FCA have also produced this video which gives an overview of the SMCR and explains the rules and principles of the new regime.

 

Paradigm Support

As always, at Paradigm we are keen to offer you support through these regulatory changes. We have therefore created a range of free materials to help in your preparation for meeting the 9 December deadline.

SM & CR Guide 

NEW! SM&CR Countdown: Your Schedule for Success

We have created a working schedule of the essential actions to be taken in order to meet the FCA's requirements under the new regime. With just a small amount of time remaining until its implementation , we would urge all firms to review our checklist to see if they are on course for SM&CR compliance.

SM&CR Schedule for Success

 

The Senior Managers & Certification Regime eBook Guide

This guide is aimed at providing practical tips on where to start with your planning and details of how Paradigm can help you prepare for implementation.

SM&CR guide

 

SM&CR Questions & Answers

We have also created a document based on the questions we are being asked most frequently. Click below to download this now:

SM&CR Q&A