SMCR – Myths & Facts
With lots of information coming out from from the latest FCA announcement we have looked at the Myths and Facts to make it a bit clearer for you and your team. Myth: The Certification Regime is being scrapped, so firms can…
Katharine Leaman
Senior Manager Functions (SMFs): The Proposed Changes
The Senior Manager Regime covers the most senior decision-makers in financial services firms. The aim is individual accountability for holding key responsibilities, always subject to regulatory scrutiny. The consultations propose several important changes. What’s New for SMFs? Summary Expect…
SMCR: Scope, Enhanced Scope /Limited Scope Firms, and Reducing Burden
Beyond SMFs and Certification, the consultations explore ways to make the overall SMCR less burdensome. Key Proposals Other Notable Changes Summary for Firms Larger firms may see a lighter touch for some aspects, while smaller firms may finally enjoy rules…
SMCR – Certification and Certified Persons, Significant Harm Functions
The Certification Regime currently requires firms to certify many mid- and upper-level staff – not just SMFs – as ‘fit and proper’ every year. This includes people in significant harm functions (roles that may pose risk to customers or the…
Breaking Down the SMCR Shake-Up: What The Consultations Really Mean
HM Treasury (HMT), the FCA, and the PRA have published long awaited consultations proposing reforms to the Senior Managers & Certification Regime (SM&CR). These consultations are interconnected and form a package of proposed changes to overhaul how accountability, governance, and…