Requirements for FCA regulated firms
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 FCA regulated financial services firms have requirements under the regime, including consumer credit and claims management companies (CMCs).
Our LMS Solutions
Our learning management system 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.
The three pillars of the regulatory regime
Senior Managers Regime
Senior Management Functions (SMFs).
Prescribed Responsibilities allocated to SMFs.
SMFs must complete individual Statements of Responsibility (SoR) and also have a Duty of Responsibility under the regulatory regime.
Firms have to apply to the FCA for 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 must be issued to these individuals at least annually confirming that the firm has assessed their ongoing fitness and propriety to carry out the role.
The FCA have a public register (‘The Directory’) of Certified Persons.
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.
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 our SM&CR toolkit
It is not just your SMFs and Certificated staff that need to understand the impact of the regime. Most staff with in your firm will also need to undertake training in the Conduct Rules too. Unicorn’s training covers both the Senior Manager and Certificate Regimes as well as the Conduct Rules covering all firms by function and job role.
Fitness and propriety form tracking
With Unicorn’s Learning Management System (LMS), you can automatically assign fit and proper assessments to be completed by individuals online, which can then be sent to managers for signoff through a workflow.
Functions & responsibilities creation and allocation
Unicorn’s LMS has a powerful SMR and CR tool to assist you with this task. Easy allocation of the functions and responsibilities can be achieved in just a few clicks with a full audit tracking facility.
Statements of responsibilities
Our SMR and CR tool can auto-generate a declaration that can be sent to those that need to review and accept.
If your firm is dual-regulated or subject to the Enhanced Regime, you must produce and submit a RM. We have a tool that will seamlessly assist you with this task with easy editing, shared and interim responsibilities allocation plus full audit and tracking functionality.
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.
Download our SM&CR Brochure
For more information about the regime and our tools to support you, download our brochure "Regulatory Framework: Senior Managers, Certification Regime and Conduct Rules"Download
Download our SM&CR Whitepaper
For even more detail including the categories for solo-regulated firms, what your responsibilities are under the Senior Managers Regime, Certification Regime and Conduct Rules and course summaries, download our SM&CR Regulatory Framework whitepaper.Download
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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