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Senior Managers and Certification Regime (SM&CR) and the conduct rules
Banks, building societies, credit unions and designated investment firms have been subject to SM&CR since 2016.
In December 2018 the regime extended to dual-regulated insurers and their managing agents.
In December 2019, a further extension now means that almost all Financial Conduct Authority (FCA) regulated financial services firms have requirements under the regime, including consumer credit and claims management companies (CMCs).
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Who is impacted by Senior Managers and Certification Regime?
Limited scope firms
Exempt from some baseline requirements and typically have fewer Senior Management Functions (SMF).
Core firms
Required to comply with baseline requirements, including allocation of SMF and producing Statements of Responsibilities.
Enhanced firms
Firms whose size, complexity and potential impact on consumers or markets warrant greater attention. Extra requirements include Responsibilities Maps, ‘Overall Responsibility’ and Handover procedures.
Improve SM&CR conduct at all levels
Access Learning+ can support you with each pillar of the regime.
Senior Mananger’s Regime (SMR) for those in SMFs
- Responsibilities map
- Statement of responsibilities
- Allocation of prescribed responsibilities
- Pre-approved & regular assessment of Fitness & Propriety
Certification Regime (CR)
- Certified Functions and people whose job may have a significant impact on the firm, its customers and /or market integrity.
- Annual Certification of Fitness & Propriety
About this SM&CR conduct rules training
Senior Managers Certification Regime
SM&CR has a number of key requirements.
The SM&CR tool can help your organisation record and track those requirements by:
Key SM&CR requirement:
- Allocate Senior Management Functions (SMFs), Prescribed Responsibilities and Overall Responsibilities
Our solution:
- Allocate SMFs and responsibilities to the key people in your organisation with our Responsibilities Map tool
Key SM&CR requirement:
- Produce statements of responsibility for all SMFs
Our solution:
- Request acceptance of responsibilities and track who has accepted and when
Key SM&CR requirement:
- Create a Management Responsibilities Map
Our solution:
- Capture your organisation’s management structure with the Responsibilities Map tool
Certification regime
Certify the fitness and propriety of key employees who perform activities which may have a significant impact on customers and/or market integrity.
Key SM&CR requirement:
- Identify your Certified population and allocate them the relevant functions
Our solution:
- Use Category Groups to define certified roles and set effective dates
Key SM&CR requirement:
- Track Fitness & Propriety of both your Certified population and SMFs
Our solution:
- Create personalised Fitness & Propriety Assessments, assign to staff and track progress and outcomes
Key SM&CR requirement:
- Issue Certificates and manage annual re-certification
Our solution:
- Use Certificates to automatically re-assign Fitness & Propriety Assessments to individuals who need re-certifying
Key SM&CR requirement:
- Keep the FCA Directory up to date
Our solution:
- Use our dedicated FCA Directory report to maintain your Certified persons data
Conduct rules
Easily address your firm’s responsibility to provide role-related training to all those in scope
Key SM&CR requirement:
- Train all staff (excluding ancillary staff) on the conduct rules
Our solution:
- eLearning suite with case studies for different roles
The Senior Managers and Certification Regimes (SM&CR) reduce harm to consumers and protect market integrity.
SM&CR and conduct rules training
Our eLearning courses are a cost effective solution to ensure all relevant staff have the training needed to comply with the SM&CR and conduct rules, which now applies to most staff in FCA-regulated firms.
Working in collaboration with industry-leading experts Financial Services Training Partners (FSTP), our conduct rules eLearning enables users to select from one of over 50 examples to see a case study tailored to their role, demonstrating how the conduct rules will apply to them (part of the FCA's requirement).
SM&CR consultancy from our award-winning industry partner FSTP
FSTP Services include a range of consultancy, audit support and training - including:
- Project management
- Board briefings (CPD)
- Job descriptions
- Responsibilities map and statements of responsibility (SoRs)
- Review of T&C schemes
- Competence standards and assessment guide
- Assessment centres
- SMF, certificated staff and supervisor training
- Appraisal system and appraisal training
- Handover certification / documentation
- Conduct rules training including - train the trainer
- Reasonable steps
- Regulatory interview preparation
- Culture tool
- Review of SM&CR readiness
Our LMS Solutions
Our learning management system (LMS) solutions can help you meet all the demands of the regime with easy to navigate platforms, delivering eLearning and tools that cover requirements for all staff under the regime.
Reduce risk and safeguard your business with market-leading eLearning courses designed to meet the needs of any business operating in the Financial Services sector -
Our Digital Learning and Compliance solutions
Why use Access Learning?
- Credible content – our courses are accredited, endorsed and designed in partnership with subject matter experts.
- Multi-platform learning - optimised for mobile and tablet, meaning less text and more engaging, easily accessible content.
- True ‘bitesize’ microlearning – making your learning experience more manageable, efficient and relevant.
- Learning pathways - split courses up into digestible topics to make it quicker and easier to find training in the flow of work.
- Accessible to all – our courses are compliant with the WACG.2 standards and screen reader optimised.
- Updated and refreshed – Access Learning courses are regularly updated ensuring the most up to date and compliant content.
