Senior Managers & Certification Regime (SM&CR) is now on the horizon and if you are regulated, you need to act.
From December of this year, practically every area of activity within a regulated firm will require a specific named individual to be personally responsible to the regulator for their actions.
There have been a number of papers produced on the subject on the run up to its introduction, detailing the statements of responsibilities and even a responsibility map to demonstrate how firms should look, once SM&CR is in position. However the crux of the new regime is that firms need to identify, in a risk based and proportionate way, good practice - and ensure that their named individual is directly responsible to the FCA for each and every regulated activity. Through this reporting the regulator will be able to see clearly who is the person holding that responsibility should an issue arise.
Whilst this change in your firm might require you to seek support to ensure you fully appreciate what is being asked of you and what you will need to replay to the FCA with, the positive outcome of this introduction should see fewer claims on the FSCS, and lessen the costs to the thousands of responsible and well run financial businesses that have to contribute to that funding.
SM&CR is this year’s big compliance focus and if you find that you require support in establishing the way your firm should look under the new regime, the Consumer Credit Centre team will be available to support you in making those changes.
If you have any questions, get in touch today.