With next week marking one year until the roll-out of the Senior Managers and Certification Regime to solo-regulated firms, all affected firms should now have a clear plan for the introduction of the Regime into their firms.

She brings insight into the practical challenges associated with developing, implementing and reviewing governance frameworks. For example, fair treatment of vulnerable customers, and provides the following example: ‘for individuals who deal directly with customers rule 4 (‘You must pay due regard to the interests of customers and treat them fairly’) may apply in various circumstances which makes additional training appropriate for such individuals.’.

Social login not available on Microsoft Edge browser at this time. The SM&CR is a catalyst for change - an opportunity to establish healthy cultures and effective governance in firms by encouraging greater individual accountability and setting a new standard of personal conduct. At the heart of the SMCR, is the encouragement of responsibility and personal accountability to improve conduct throughout the financial sector.

The Responsibility Maps and Statements of Responsibility (along with relevant supporting evidence) must be version controlled and retained as formal records by all firms, for as long as necessary. New Conduct Rules to replace APER principles and apply to a broader population. Firms will need to apply to the FCA for approval for individuals to carry out a SMF and must undertake a criminal record check as part of this process.

Being open and honest with the FCA, the Prudential Regulation Authority (PRA) and all UK regulators at all times The Conduct Rules apply to all firms, including branches.

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Lessons learned from our extensive work supporting firms across the industry to successfully implement the SMCR. Two tiers of Conduct Rules will apply to all firms: The first tier (Individual Conduct Rules) is a general set of rules that applies to most employees in a firm (except ancillary staff), The second tier (Senior Manager Conduct Rules) applies to Senior Managers, Firms must train employees on how the conduct rules are relevant to their individual roles. Part of what makes SMCR different to previous regulatory frameworks is that it applies to everyone within a financial firm (except ancillary staff). Important: The transitional period until 9 December 2020 means that information on some people working in authorised firms, including CF30s, will no longer be up-to-date post-9 December 2019 on the FS Register. Natasha h... More, Cindy Chan has over 20 years of financial services consulting and audit experience. Our compliance experts are happy to project manage your SMCR implementation, Ariel House, [Note:sections 64A(4) and (5)(b) of theAct(Rules of conduct)] (1) Where Firm A in COCON 1.1.6R to COCON 1.1.7R is an SMCR firm other than an SMCR banking firm , the application of COCON is You must disclose appropriately any information of which the FCA or PRA would reasonably expect notice. Their roles are referred to as ‘Significant Harm Functions’ (SHF). Importantly, they apply to both regulated and unregulated financial services activities.

Places onus on firms to certify the fitness and propriety of key employees carrying out ‘certification functions’ (previously referred to as ‘significant or material harm functions’). These ancillary staff are also exempt from being compliant with the SMCR Regime altogether. Explore our insights into what the final extension means for your firm. Part of what makes these Conduct rules yet more different is that they also apply to temporary staff, interns and anyone else working in financial services for a solo-regulated firm.

Read our statements on the SM&CR and coronavirus for. Manage your business, connect to and onboard clients, run reports. New Conduct Rules to replace APER principles and apply to a broader population. In practice, they enforce rules that ‘set basic standards of good personal conduct’, against which the FCA can hold people to account, and it is a requirement of the You must be open and cooperative with the FCA, the PRA and other regulators. Handover Procedures – Enhanced firms must take all reasonable steps to ensure a person taking an SMF role has all the information and materials they could reasonable expect to do their job effectively.

an activity carried on in connection with a regulated activity).

Moreover, these Conduct Rules apply to anyone within a firm whose role and therefore actions, could cause significant harm to either clients or their firm. For more information, visit the FCA’s register here.

A particular aspect of the UK regulatory environment is that financial institutions can be classified in a number of different ways.

Banks came under the SM&CR in March 2016. The Conduct Rules can be found in the COCON chapter of the Handbook, and. The Conduct Rules under SMCR are principles designed to ensure a high standard of behaviour for all staff, and extend to all individuals in the regulated company, except for ancillary roles. Following the 2008 financial crisis and subsequent review of the financial services industry, parliament sought to replace the UK Approved Persons Regime (APER) with a regime that was more focused on firms’ senior managers and individual responsibility. Always paying due regard to the interests of customers and always treat them honestly and fairly Explore how with our latest thinking. You must act with due care, skill and diligence.
The Regime, which aims to improve the culture of financial services firms by ensuring accountability from the top down, replaces the Approved Persons Regime and introduces specific responsibilities for Senior Managers and for staff subject to the Certification Regime.

This site provides information for investment professionals. The SMCR’s overarching aim is to reduce harm to consumers and to strengthen market integrity.

Global investments company providing investment management and investment services to institutions, corporations and individual investors.

RB Compliance now offers a suite of training for Conduct Rules which meets the FCA's annual training requirement in respect of the conduct rules. The SMCR Conduct Rules also apply in full to not just all UK staff within a firm, but any employees who may be working at oversees branch offices.

The SM&CR is a catalyst for change -  an opportunity to establish healthy cultures and effective governance in firms by encouraging greater individual accountability and setting a new standard of personal conduct. Dual-regulated firms must submit their Directory Persons data via Connect by no later than 13 November 2020. However, for companies that wish to voluntarily train ancillary staff in SMCR, there is room to do so and this is certainly not discouraged. How Will the Regime Apply to Different Firms?

This must be completed within seven days for Senior Managers, and on an annual basis for all other employees, SMR and Certification Regime employees need to be trained and abide by the Conduct Rules from the start of the new regime (9 December 2019) but firms have a further 12 months to train their other employees on the Conduct Rules (until 9 December 2020).

It will provide access to information available through the Financial Services Register (The FS Register), as well as information about other individuals, including those performing roles no longer made public on The FS Register following the introduction of SMCR.


You must take reasonable steps to ensure that the business of the firm for which you are responsible complies with the relevant requirements and standards of the regulatory system, SC3.

You must pay due regard to the interests of customers and treat them fairly. You must take reasonable steps to ensure that any delegation of your responsibilities is to an appropriate person and that you oversee the discharge of the delegated responsibility effectively, SC4.

Post room staff She specialises in providing regulatory consulting services to banks, investment, and consumer credit firms. Banking firms and insurers could start submitting data from September 2019 using the FCA’s Connect system. So in fact for employees based overseas, Conduct Rules only apply to those already caught by the SMR and the CR for the reasons listed above.

Until this information is available on the new Directory in December 2020, the FCA has suggested firms to check the status of their CF 30 customer functions on the relevant websites of Accredited Bodies.

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