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 managing agents.
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

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.

Certification Regime

Certification Regime

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
to carry out the role.

Replaces regulatory pre-approval for certain functions (e.g. CF30s).

A public register (‘The Directory’) of Certified Persons will be created.

Conduct Rules

Conduct Rules

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

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

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.

Reporting Tools

Reporting Tools

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.

Diagnostic Tools

Diagnostic Tools

Assess risk across your organisation, report by department, manager or area, and then deliver only targeted, relevant content.

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.

Responsibilities Map

Responsibilities Map

This webinar explains how to set up a responsibilities map using the Unicorn LMS. It includes: adding and editing categories, assinging users, editing the reporting structure and adding a description of responsibilities.

It also covers version control, publishing, permissions and multiple legal entities.

Certification Regime coming soon

Certification Regime

This video will provide you with an overview of the end to end process when implementing SM&CR in the Unicorn LMS. Follow our simple steps to ensure your firm is fully compliant with the regulations.

Download our SM&CR Brochure

Get more information by downloading our 'Are you ready for SM&CR?' brochure.

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Download our SM&CR Whitepaper

For even more detail, including course summaries, download our SM&CR white paper

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Our Partners

UK Finance

UK Finance

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.

FSTP

FSTP

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.

CII

CII

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

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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