SMCR implementation date is here … but there will still be more work to do
The FCA’s Senior Managers and Certification Regime comes into force today for the majority of FCA solo-regulated firms. If firms have planned their SMCR implementation… Read more
The FCA’s Senior Managers and Certification Regime comes into force today for the majority of FCA solo-regulated firms. If firms have planned their SMCR implementation appropriately, they will hopefully have met all the relevant requirements such as developing processes around certification and fitness and propriety or conduct rules breach reporting, drafting and agreeing Statements of Responsibility for their Senior Managers (including allocating prescribed responsibilities) and providing training on the new regime and the associated conduct rules to certified persons and Senior Managers.
However even for those firms who have completed all required activity, there will still be a need to ensure that they carry out ongoing “maintenance” required under the regime – for instance, by delivering annual training on the conduct rules. Similarly, firms may wish to carry out a post-implementation review in order to provide them with additional comfort that they have fulfilled their regulatory obligations and have done so in a way that aligns them with their peers. And of course some firms may still have outstanding tasks to complete as part of their implementation programme.
Whatever your ongoing SMCR related needs, Kemp Little can assist you, utilising our extensive experience of assisting clients on SMCR implementation both recently and as part of the first phase of SMCR as it was implemented for banks and building societies in 2016.
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