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.
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 firms. Solo-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.
As always, at Paradigm we are keen to offer you support through these regulatory changes. We have therefore created our brand new e-Book which can be downloaded using the button below: