Are you ready for SM&CR?
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
In December 2019, a further extension means that the Regime will apply to almost every firm regulated by the FCA, including consumer credit and claims management companies (CMCs). Register for our webinar on Wednesday 31 July to find out more.
We can help you.
Unicorn's end-to-end solution can help you meet all the demands of SM&CR. One single instance of our LMS gives you access to an easy-to-navigate, customisable learning platform delivering eLearning that covers the training requirements for all staff under SM&CR.
But, more importantly, it goes well beyond even that. It brings together effective SM&CR training, CPD management and robust T&C with specific solutions to address the additional demands of the regime.
Improve conduct at all levels
The three key pillars of SM&CR
Senior Managers Regime
New Senior Management Functions (SMFs) to replace existing Significant Influence Functions.
Specific Prescribed Responsibilities which must be allocated to SMFs.
SMFs to complete individual Statements of Responsibilities (SoR) and also have a Duty of Responsibility under SM&CR.
Firms will need to apply to the FCAfor approval for individuals to carry out SMFs and must undertake a criminal record check (in addition to fitness and propriety checks) when recruiting into a SMF role.
Certify the fitness and propriety of key employees who are performing activities which may have a significant impact on customers, the firm and/or market integrity.
Certificates to be issued to these individuals at least annually confirming that the firm has assessed their ongoing fitness and propriety
Replaces regulatory pre-approval for certain functions (e.g. CF30s).
A public register (‘The Directory’) of Certified Persons will be created.
New Conduct Rules to replace existing Statements of Principle and Code of Practice for Approved Persons and apply to a broader employee population.
Tier 1 Individual Conduct Rules apply to all employees, excluding ancillary staff not involved in regulated activities (e.g. cleaners, catering staff, etc.).
Tier 2 Senior Manager Conduct Rules apply to those in SMF positions and require them to take reasonable steps to control their areas of responsibility. Senior Management Conduct Rule 4 also applies to non-executive directors.
The Unicorn SM&CR Toolkit
Other features include
Continuing Professional Development (CPD) tracking
Inbuilt CPD tracking. Use the standard scheme or configure your own. Automatically log CPD time accrued as part of your relevant online learning activities, or manually add offline time.
Training and Competence
An integrated T&C feature helps firms comply with the FCA’s or a firm-specific regime, using a series of online forms underpinned by preset workflows to manage and evidence both competency and performance.
Enjoy out of the box reports, as well as the option to create custom reports depending on your requirements. Highlight risk across the organisation with clear graphical charts that are easy to access, collate and export.
Assess risk across your organisation, report by department, manager or area, and then deliver only targeted, relevant content.
The 5 Tools in the Unicorn SM&CR Toolkit
SM&CR consultancy with our partners, FSTP
Our joint solution provides flexible support, from help with understanding what information needs uploading to the SM&CR tool, to facilitating a board meeting or deciding who is taking which prescribed and other responsibilities. It enables you to make the best use of the technology to evidence SM&CR requirements and free up resource to deliver business as usual. You can take a holistic approach to the support services on offer or just pick the ones that you need for your business.
UK Finance represents nearly 300 of the leading firms providing finance, banking, markets and payments-related services in or from the UK. UK Finance has been created by combining most of the activities of the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.
Financial Services Training Partners (FSTP) are a leading financial services training and consultancy firm. They work with firms across of all sizes various sectors of the financial services industry. Content and SME partner.
The Chartered Insurance Institute (CII) has been established for over a century, and grants chartered status to insurance brokers, insurers, insurance practitioners and financial planners. Strategic and development partner.
The Investment Association
The Investment Association is a trade body that represents Investment Managers & Asset Management Firms in the UK.
Its 250 members manage over £7.7 trillion on behalf of savers and investors.
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