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The Senior Managers and Certification Regime (SMCR)

The Senior Managers and Certification Regime (SMCR)

SMCR Guidance Document

Senior Managers and Certification Regime: A Brief Guide to Implementation and Operation

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On 9 December 2019, the Senior Managers and Certification Regime (SMCR) went live for all firms under the sole authorisation of the FCA.

The drivers behind the SMCR include enhanced individual accountability and effecting positive cultural change to shape conduct at all levels of FCA authorised firms.

Our inter-disciplinary SMCR team has already advised firms and individuals across the financial services sector. We provide a comprehensive service including regulatory compliance, employment and corporate services as well as contentious legal support if required.

For more information please contact our SMCR team.

 

NOTE: in light of the COVID-19 pandemic the FCA is consulting on an extension to the 9 December 2020 deadline to 31 March 2021. This extension would apply to: (i) the application of the Code of Conduct (COCON) to staff who are neither Certified nor Senior Managers; (ii) the date by which COCON training must be concluded for Certified staff and other staff subject to COCON; (iii) the deadline for submission of information about Directory Persons to the Register; and (iv) the deadline for certifying Certified Staff as fit and proper. This consultation seems likely to result in the proposed extension taking effect. The FCA has urged firms where possible to seek to comply by 9 December 2020. Please contact us if you have any questions.

What is SMCR?

What is SMCR?

The SMCR creates a system of personal accountability, underpinned by clarity of personal responsibility among Senior Managers.

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Key issues

Key Issues

SMCR implementation will raise a number of different and potentially complex issues that Firms and individuals will need to deal with.

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"to do list"

"to do list"

There is a lot to think about and plan for SMCR.

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How we can help

How we can help

We can advise on all elements of SMCR implementation and operation.

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How can we help you?

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