Category SMCR

Firms Urged to Reassess Three Lines of Defence Model

4 Key Themes in FCAs 2025/26 Work Plan - Leaman Crellin

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…

SMCR Top Tips

SMCR Top Tips

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…

Are MRTs Truly Aware of Their Responsibilities?

Are MRTs Truly Aware of Their Responsibilities? - Leaman Crellin

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),…

Consumer Duty Actions for SMFs

Consumer Duty Actions for SMFs - Leaman Crellin

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…

How do you know you got SMCR right?

How do you know you got SMCR right? - Leaman Crellin

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…

SMCR Top 6

Financial regulation compliance - FOS fee reform and FCA redress changes affecting senior managersFinancial regulation compliance - FOS fee reform and FCA redress changes affecting senior managersSenior Managers Office

While there is a lot of process around SMCR. There are key changes to both attitudes, approach, and job roles that SMCR drives. Make sure you can demonstrate and signal the step change that the FCA is expecting by following…