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.

Our tools can support you

The three pillars of the regulatory regime

Senior Managers 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.

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 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.

Conduct Rules

Conduct Rules

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.

Our 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.

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

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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