The Senior Managers & Certification Regime (SMCR) aims to protect consumers by empowering firms and regulators to hold people within the financial sector to account.
The regime allows for clear visibility over the responsibilities and accountabilities of senior managers in particular.
Here are some key facts about the Senior Manager and Certification Regime:
- SMCR is replacing the Financial Conduct Authority’s (FCAs) Approved Persons Regime (APR)
- Many other regulators are following suit: Australia (BEAR), Ireland, Spain, Singapore, HK, Japan
- SMCR will apply to all solo-regulated Financial Services (FS) firms from 9 December 2019
- There are three firm categories with increasing requirements: Limited Scope, Core and Enhanced
- SMCR impacts both Compliance and Human Resources business functions
- Certified individuals that could cause significant harm must undergo the same assessments as Senior Managers
- Conduct rules apply to all but non-FS ancillary staff
Need an IT Solution to operationalise your SMCR process? Learn more about SureCloud’s SMCR software here.
“With UK regulators intent on driving cultural change at all levels within the banking and insurance industries, the Senior Managers and Certification Regime (SMCR) provides significant challenges to organisations looking to manage the impact . SureCloud’s SMCR software solution aims to cut through this complexity and helps operationalise your SMCR program; aiding the documentation of decision making, record keeping and maintenance of a comprehensive audit trail.”
-SureCloud’s Product Director, Alex Brown