Navigating Regulatory Changes: Rethinking Senior Management Function Allocations and Strengthening the First Line of Defence Model In a rapidly evolving regulatory landscape, financial firms are facing increasing pressure to evaluate their Senior Management Function (SMF) allocations, with a particular focus…
We’re seeing lots of requests recently for SMCR training and support and I thought it might be useful to put together some top tips/things to think about for those responsible for this part of the business. There are links for more…
Key Takeaways Implementing a Robust TPRM Program With the stakes so high, creating a robust TPRM program is not just advisable; it’s imperative. This involves developing a framework that clearly defines the roles and responsibilities of all parties involved, and…
Introduction In the intricate world of financial regulations, understanding the role and responsibilities of various individuals across your firm is crucial. Among the acronyms that frequently appear in financial discussions are MRTs (Material Risk Takers) and SMFs (Senior Management Functions),…
The FCA’s Consumer Duty is live. This duty sets out higher standards of consumer protection for all firms that provide financial services to retail customers. The Consumer Duty requires firms to put the needs of their customers first, and the…
Negative indicators Positive indicators By now the process aspects of SMCR should be settling down into their own rhythm and the cultural aspects will be causing debate and driving change. If you are leaning more towards some of the negative…
Anyone who has had the dubious pleasure of taking a driving test in the UK will remember frequent reminders from their instructor to clearly emphasise checking your mirrors and making nice early signals so the examiner can see you do…
Form H is the Notification of Disciplinary Action relating to conduct rules staff (other than SMF managers) in SMCR firms which is also known as REP008 in GABRIEL. Your breach report must cover breaches from 1 September 2021 to 31…