The extension of the Senior Managers and Certification Regime (SM&CR) to all FCA regulated firms takes place on 9 December 2019. The regime will have implications for both you and your firm and you will be required to make a number of changes to your policies and procedures.
With the FCA urging firms to start preparing for the new regime, now is the time to get things moving.
How are you getting on with your preparations?
The SM&CR will replace the current approved persons regime. It's designed to make sure that senior managers within regulated firms are held accountable for misconduct within their areas of responsibility and ensure that individuals at all levels can be held to appropriate standards of conduct. The key aims of the SM&CR are to raise the standards of conduct for everyone who works in financial services and reduce harm to clients.
Time is running out. We suggest firms make themselves aware of how the regime will affect them and make preparations now.
Request a complimentary SM&CR readiness check-up
Are you ready for the SM&CR on 9 December 2019?
Since its release in July this year, our SM&CR self-assessment tool has been really well received by client firms of all different shapes and sizes.
Previously this tool was exclusively available to clients, but with less than two months to go until the SM&CR comes into force, we're making it available to all FCA registered firms.
It's more important than ever that you assess your firms position in meeting the relevant requirements, and identify where further action is needed.
We encourage you to give our SM&CR self-assessment a go.
To request access, email us stating your name, company name and FCA number.
Those who complete the assessment will receive a report explaining where gaps lie and where action needs to be taken. You will also have the option of a complimentary follow-up call with one of threesixty’s support team to discuss your report and receive guidance where necessary.
SM&CR support for threesixty clients
In addition to the detailed guidance, project plans and template documents available via our client website, we further bolstered our SM&CR support by introducing a series of national workshops and webinars to our 2019 events programme, as well as a suite of remote learning activities.
threesixty’s online SM&CR zone, has been available to clients since November last year, and covers all of the implications for firms which will need to implement new conduct rules for their staff, ensure responsibilities are appropriately allocated to senior managers, and that all relevant staff are appropriately certified.
We’ve also invested heavily in a new remote learning experience for our clients. Our new SM&CR module includes a series of training and guidance videos covering the main aspects of the regime.
We also offer helpdesk support, and business risk assessment visits to asses the implementation of your procedures.
| Guidance, templates and project plans Guidance and downloadable guides The actions you need to take to implement the new conduct rules with your team. How to appropriately allocate responsibilities to senior managers, and how to correctly certify relevant staff. Project plans Relevant to your firm (including limited scope, core and enhanced regime) Template documents Including a certification staff template, senior management mapping documents and statement of responsibilities template.
|| SM&CR remote learning The SM&CR remote learning module includes a series of training and guidance videos covering the main aspects of the Senior Managers & Certification Regime (SM&CR) When passed, you can download a structured CPD certificate. You can access the remote learning facility from within the online test tool, or by clicking here.
| SM&CR targeted support and onsite training Part of our new range of targeted support, this service is aimed at improving your understanding of all aspects of the SM&CR. By reviewing the roles of staff within your firm's structure we can help you create a plan so you can decide which staff are appropriate to fill the senior management functions, which roles within your firm will need to be certified, and how each tier of the conduct rules will apply to your individual staff members. For more details, click here
|| SM&CR self assessment We've developed a suite of self-assessments to help you understand where any gaps may lie within your business Each assessment consists of a set of simple questions which help you to assess your firm’s position, for example, in terms of meeting relevant requirements, and whether more action needs to be taken in the areas covered.
Don't know where to start?
Request our free introduction guide to the SM&CR
If you're struggling to get to grips with the SM&CR, our introduction guide, should help you to understand what’s ahead, and help you put processes and procedures into place to lessen the impact of the change when it arrives.
Due to the importance of the regime, and the lack of guidance currently available in the market, we’re making this guide available to all firms. Further to this, in June we're hosting a webinar for clients to address their most frequently concerns and questions. If you would be interested in attending, simply let me know by reply of email.
To request a copy of our introduction to the Senior Managers and Certification Regime email: SMCR@threesixtyservices.co.uk