Collaboration to cover the key aspects of your SMCR compliance.

The Senior Managers and Certification Regime (SMCR) was introduced by the FCA on the recommendation of the Parliamentary Commission on Banking Standards, following a review of the 2008 financial crisis.

The FCA was tasked with developing a new system of accountability, a replacement for the Approved Persons Regime, that is more focused on senior managers and individuals’ responsibility. The FCA wants the firms it regulates to operate a ‘culture of accountability’ throughout their organisations, with senior individuals accepting clearly defined and documented responsibilities for which they are personally accountable. The SMCR is the FCA’s drive for greater transparency and integrity within financial services, to mitigate the risk of another market crash and to restore public faith in the industry.

Although the details are still being finalised, there is much that firms of all sizes and complexity can be doing now to prepare for the challenges that will be presented by implementation of the new regime.

Collyer Bristow’s SMCR team can help with formulating and executing a plan to cover the key aspects of compliance, notably the regulatory and employment related issues such as:

  • the mapping of staff and responsibilities (including templating, methodology and submission);
  • the audit and updating of policies (including whistleblowing) and processes to transition from the Approved Persons Regime;
  • the consultation with staff and updating of contracts and other employment documents; and
  • providing ongoing training to staff on their obligations and responsibilities under the regime.

Collaboration to cover the key aspects of your SMCR compliance.

The Senior Managers and Certification Regime (SMCR) was introduced by the FCA on the recommendation of the Parliamentary Commission on Banking Standards, following a review of the 2008 financial crisis.

The FCA was tasked with developing a new system of accountability, a replacement for the Approved Persons Regime, that is more focused on senior managers and individuals’ responsibility. The FCA wants the firms it regulates to operate a ‘culture of accountability’ throughout their organisations, with senior individuals accepting clearly defined and documented responsibilities for which they are personally accountable. The SMCR is the FCA’s drive for greater transparency and integrity within financial services, to mitigate the risk of another market crash and to restore public faith in the industry.

Although the details are still being finalised, there is much that firms of all sizes and complexity can be doing now to prepare for the challenges that will be presented by implementation of the new regime.

Collyer Bristow’s SMCR team can help with formulating and executing a plan to cover the key aspects of compliance, notably the regulatory and employment related issues such as:

  • the mapping of staff and responsibilities (including templating, methodology and submission);
  • the audit and updating of policies (including whistleblowing) and processes to transition from the Approved Persons Regime;
  • the consultation with staff and updating of contracts and other employment documents; and
  • providing ongoing training to staff on their obligations and responsibilities under the regime.

View our SMCR compliance Lawyers:

Nigel Brahams
Andrew Granger

Andrew Granger

Partner

Talk to Andrew about Employment & Employment & HR

Tania Goodman

Tania Goodman

Partner - Head of Employment

Talk to Tania about Employment & Employment & HR