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UK’s Senior Managers and Certification Regime (SMCR)

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UK’s Senior Managers and Certification Regime (SMCR)

First introduced in the banking sector in 2016 in response to significant conduct failings and the 2008 financial crisis, the Senior Managers and Certification Regime (SMCR) is part of the UK regulators’ drive to improve culture, governance, and accountability within financial services firms. The SMCR aims to deter misconduct by improving individual accountability and awareness of conduct issues across firms, and to promote a culture where employees at all levels take personal responsibility for their actions, with good regulatory compliance practices central to its requirements.

This resource offers developments on the SMCR and our London team’s insights into them.

Senior Managers and Certification Regime: Top Tips for Preparing for Implementation and Key Priorities for 2021 (17 March 2021)

Join us for a webinar discussing the enforcement, regulatory, and employment legal considerations as the deadline approaches, and issues to monitor for the remainder of 2021.

Watch the presentation >>

Senior Managers and Certification Regime: Preparing for Implementation of the Certification Regime and Final Aspects of the Conduct Rules (22 February 2021)

This event will build on the success of the previous seven summits that C&F has organised on the SMCR. All  of these were very well received by delegates, who rated the content and quality of the speakers very highly. This  edition  of the  summit will be delivered virtually, using our bespoke online event platform.

Watch the presentation >>

Podcast: Individual Liability - Focus Areas for 2021 and Beyond, Marsh (14 October 2021)

Partner Chris Warren-Smith spoke with Marsh about current developments around the world in relation to individual liability for directors and officers. He discussed the impact of COVID-19 and the increasing focus of governments on creating legislation that carries greater penalties for noncompliance.

UK Financial Conduct Authority Continues Focus on Diversity and Inclusion (11 May 2021)

The UK Financial Conduct Authority (FCA) has recently announced that it is considering adding a sixth question on diversity and inclusion (D&I) to its five conduct questions (5CQs). The significance of D&I has long been discussed and highlighted by the regulator, but the announcement marks a further shift in the FCA’s level of focus on D&I and should be read alongside the collection of recent FCA speeches on the lack of gender and ethnic diversity at a senior level in financial services.

UK FCA Seeks to Ban Regulated Person for Nonfinancial Misconduct (14 April 2021)

The Financial Conduct Authority (FCA) has emphasised in recent years that firms should consider nonfinancial misconduct when assessing the fitness and propriety of staff. On 29 March 2021, the FCA published a rare Decision Notice about the proposed ban of a regulated person for nonfinancial misconduct.

UK Financial Conduct Authority Makes Diversity and Inclusion a Regulatory Priority (23 March 2021)

The UK Financial Conduct Authority (FCA) has recently published two speeches reiterating the broad and fundamental importance of diversity and inclusion within financial services. Delivered by the FCA’s executive team, the speeches cover (1) the significant work still to be done to improve diversity and inclusion in the sector; (2) the value of diversity and inclusion and their importance to a healthy culture; and (3) the steps the FCA may take in the future to drive improvement, including potentially changing the way in which it considers senior manager applications and introducing diversity requirements to premium listing rules. Firms are encouraged to take note and to review the adequacy and effectiveness of their current diversity and inclusion arrangements.

Preparing for Implementation of the Senior Managers and Certification Regime (09 March 2021)

All dual-regulated and FCA solo-regulated firms are now under the scope of the Senior Managers & Certification Regime (SMCR), with many working hard in recent months to ensure all aspects of the regime are well embedded. As part of these efforts, it is crucial that firms establish an effective framework to prevent but also detect and manage conduct breaches if they do happen, and when it is necessary, report them.

SMCR: Full Implementation for Solo-Regulated Firms Delayed to 31 March 2021 (02 November 2020)

The UK Financial Conduct Authority recently published Policy Statement 20/12, which sets out the final rules on the extension of the Senior Managers and Certification Regime implementation deadlines for the certification regime and conduct rules.

FCA Releases Guidance to Assist Solo-Regulated Firms in Fitness and Propriety Assessments, Staff Training (02 September 2020)

The UK Financial Conduct Authority recently closed its consultation (CP20/10) to extend the deadline for solo-regulated firms to conduct their first fitness and propriety assessments of certified staff and train all staff on the conduct rules, and updated its webpage with positive and negative indicators firms should consider when conducting the assessments and training. Firms should take action now to prepare for the full implementation of the Senior Managers and Certification Regime.

FCA Consults on Extending Senior Managers & Certification Regime Deadlines (21 July 2020)

The Financial Conduct Authority (FCA) began a consultation (CP20/10) on 17 July on the extension of the deadlines by which FCA solo-regulated firms must have first assessed the fitness and propriety of their certified staff, trained staff in the Conduct Rules, and reported directory person data.

SM&CR and COVID-19: UK Regulators’ Expectations (07 April 2020)

The UK Financial Conduct Authority and Prudential Regulation Authority have published statements setting out their expectations of dual-regulated and solo-regulated firms on their senior managers and certification regime requirements in the context of the coronavirus (COVID-19). They intend to provide flexibility to firms where they can and have made specific provisions in light of COVID-19.