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 2018 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 were implemented on 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 regulatory changes. We therefore created a range of free materials to aid your preparation for the implementation of the regime on 9 December 2019. Although the initial deadline of 9 December 2019 has now passed, there are still actions to be taken. The expectation is that firms should aim to complete these additional activities by 9 December 2020 which was the original deadline, however, due to COVID-19 the FCA have granted an extension until 31 March 2021 if required.
Please see below for guidance on how to make sure you are on track for SM&CR compliance.
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. We would urge all firms to review our checklist to see if they are on course for SM&CR compliance by the next deadline on 9 December 2020 (now extended to 31 March 2021 if required).
The Senior Managers & Certification Regime eBook Guide
This guide provides practical tips on preparations firms needed to take, and details of how Paradigm could help firms with its implementation.
SM&CR Questions & Answers
This document is based on the questions we were most frequently asked during the run up to the SM&CR implementation. Click below to download this now-