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SM&CR for solo-regulated firms – one month to go

Publication date:

01 November 2019

Last updated:

01 November 2019

Author(s):

Personal Finance Society

The FCA is extending the Senior Managers and Certification Regime (SM&CR) to FCA solo-regulated firms on 9 December 2019.

This extension affects almost every solo-regulated firm, from very small firms to some of the largest global firms. It will help to set a new standard of personal conduct for everyone in the sector and is a chance to embrace change for the better.

Firms need to comply with the requirements of SM&CR from 9 December 2019. All firms who are preparing will need to identify their certification staff and train their senior managers and certification staff on the conduct rules. What else you will need to do depends on your SM&CR category – enhanced, core or limited scope. Enhanced and some core firms will need to submit a form via FCA Connect.

The following helpful resources provide advice on how to prepare:

Guidance

The FCA SM&CR webpages for solo-regulated firms are the central source of information. There is information on how the SM&CR applies to firms, categorisation, conversion from the Approved Persons Regime and answers to frequent queries.

They also have checklists which set out what firms will need to do to prepare, depending on their SM&CR category.

The SM&CR Guide for solo-regulated firms (PDF) is a summary of the FCA's final rules and guidance on SM&CR. It gives an overview of how the SM&CR works and how they will move firms and individuals to the new regime.

Video

Together with business leaders from AXA PPP healthcare and Fidelity International, FCA Head of Conduct Specialists, David Blunt, outlines the effects of SM&CR and its benefits for firms.

Watch the SM&CR overview video

Podcasts

Three short Inside FCA podcasts which provide a clear and concise overview of what firms need to do to prepare for SM&CR:

Tagged as

This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.