Senior Managers & Certification Regime (SM&CR)
The FCA’s Senior Managers & Certification Regime (SM&CR)
Holds to account senior staff for the decisions and actions they take in the conduct of regulated business.
It is a regulatory framework which places specific responsibilities upon principals and managers. It draws upon provisions with the Financial Services & Markets Act in relation to consumer protection, professional integrity and promotion of effective competition.
It is also complex, with official guidance and resources often difficult to navigate.
The rules that apply depend upon your firm’s size and status.
Then there is further differentiation based upon the roles undertaken by specific individuals. The most onerous rules apply to directors whilst advisers and senior managers need to comply with a distinct set of requirements which the firm must then ‘certify’.
All members of staff working in a financial services firm are required to understand the conduct that is expected of them, and they must agree to uphold certain standards set out in the FCA Code of Conduct Rules.
We appreciate it can be daunting which is why IFA Consultancy offers a dedicated SM&CR Training & Support service.
Your proactive partner
As always, we work pro-actively with you in order to determine your firm’s needs and tailor an SM&CR support packages to suit.
We offer professional and informed advice which embraces a technical but comprehensible overview of the SM&CR framework and its objectives. This is coupled with a specific review of responsibilities as they apply to your firm and the specific roles upon which the regime impacts.
We also analyse existing recruitment, training and induction processes and advise of any remedial actions necessary to ensure SM&CR compliance.
Our SM&CR Training & Support Services
We offer SM&CR advice, training and support as a standalone service or within a wider IFA compliance support package.
Our advice and support embraces:
- Role-specific responsibilities and best practice - All Staff and Senior Managers training packages
- Corporate-specific responsibilities – Limited Scope, Core and Enhanced firms
- Design or revision of recruitment, training and induction processes
- In-depth coverage of key regulatory provisions: - General conduct rules - Duty of responsibility - Senior Management functions- Recruitment process and application
- Defining and delegating to appropriate persons
- Information disclosure
- Defining and acting with due integrity and skill
- Complying with Treating Customers Fairly
- Market conduct standards
- Working with the FCA and other regulators
- Assisting you with the required documentation to evidence compliance with the regime
To discuss your SM&CR training and support needs with our Principal Consultant, Kevan Thorn, please call 01253 746755, request a call back or email us.
There is no charge for this service.