2025年3月18日 · The Senior Managers and Certification Regime (SM&CR) aims to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence. See how it applies to your firm. Launched in 2016, the SM&CR initially applied to banks, building societies, credit unions and PRA-designated investment firms.

2025年3月18日 · The SM&CR Guide for FCA solo-regulated firms is a summary of our rules and guidance on SM&CR. It gives an overview of how the SM&CR works for these firms. We have also published guidance to help solo firms with producing Statements of Responsibilities and (for Enhanced firms) Responsibilities Maps.

The Senior Managers and Certification Regime (SM&CR) applies to the United Kingdom banking sector since March 2016 and to dual-regulated insurers since December 2018. SM&CR has been put in place to reduce financial service consumer harm and strengthen market integrity by making individuals accountable for their conduct and competence.

SM&CR refers to the Senior Managers and Certification Regime. Our handy Q&A explains everything you need to know about these regulations, so you can get your recruitment drive off to a flying start.

2018年12月10日 · There are three main elements to the regime: conduct rules that apply directly to a firm’s workforce. The table in SYSC 23.3.3G gives more details about each of those three elements. The first two columns of the table apply to all firms. The third column only covers firms that are not regulated by the PRA.

The Senior Manager's Certification Regime (SM&CR) was introduced in 2018 to ensure that all senior managers within financial services companies hold the right skill set to manage their business effectively. There are three tiers: enhanced, standard, or basic - depending on how much training each individual needs. Fines can now range from £ ...

SM&CR, standing for Senior Managers and Certification Regime, was introduced by the Financial Conduct Authority (FCA). It has been in place since 2016, applying to banks, building societies, credit unions and investment firms designated by the Prudential Regulation Authority (PRA), and later insurance companies and solo-regulated firms.

2023年4月14日 · On 30 March 2023, the Prudential Regulation Authority (“PRA”) and Financial Conduct Authority (“FCA”) (the PRA and FCA together being the “Regulators”) published a joint Discussion Paper (DP1/23) seeking input on potential ways to improve the Senior Managers & Certification Regime (“SM&CR” or the “Regime”).

The SM&CR replaces the current Approved Persons Regime for SM&CR firms. The regime does not require firms to change their governance structure or introduce new roles but

SMCR applies to almost every UK solo-regulated firm, from very small firms (including sole traders and limited permission consumer credit firms) to some of the largest global firms. It is part of the FCA’s drive to improve culture, governance and accountability in financial services.