Tag Archives: fca handbook

SMCR Project Plan – Buy The Product

Extension of the SMCR to all financial services firms As we all know, the Treasury has directed the FCA to extend the Senior Managers & Certification Regime (SMCR) to all financial services firms in the UK. Many firms have still not started to prepare for their SMCR deadline of 9th December 2019.  Jonathan Davidson, Executive […]

SMCR Regulation and Guide For Implementation

The FCA is tightening up its individual conduct rules, replacing the current Approved Persons Regime with the Senior Managers and Certification Regime (SMCR). SMCR regulation is complex and so in this SMCR guide course we explain the changes to the FCA Handbook and what you need to do to comply, including build your own project plan. You also have the opportunity of purchasing our SMCR 90+ Project Plan with a 50% discount.

Senior Managers Regime Explained

The FCA is tightening up its individual conduct rules, replacing the current Approved Persons Regime with the Senior Managers and Certification Regime (SMCR). SMCR regulation is complex and so in this SMCR guide course we explain the changes to the FCA Handbook and what you need to do to comply. You also have the opportunity of purchasing our SMCR 90+ Project Plan with a 50% discount.

The SMCR 2019 Project Plan to End of 2019

As we all know, the Treasury has directed the FCA to extend the Senior Managers & Certification Regime (SMCR) to all financial services firms in the UK. Many firms have still not started to prepare for their SMCR deadline of 9th December 2019. We have created a 90+ point project plan for all firms, where we can conduct the entire project for you or you can buy our plan and conduct it yourself.

SMCR: Limited Scope Firms

For limited scope firms, for which a very limited SMCR regime applies, the FCA has proposed an amendment to clarify that it expects all directors to be subject to Senior Manager Conduct Rule 4 (the requirement to disclose appropriately any information of which the FCA or PRA would reasonably expect notice). The existing rules applied […]

SMCR: Systems and Controls Function CF28

The FCA has clarified that various systems and controls functions involving approval beneath the Approved Persons Regime (i.e. as the CF28 function) will be dealt with by certification functions under the SMCR. The FCA has implied that this is only likely to affect Core and Limited Scope organisations (e.g. for limited scope and core firms […]

SMCR: Intermediary revenue criteria for the enhanced tier

Amongst the rules for being an enhanced entity is where a company is a retail intermediary company with earnings of greater than ₤ 35m on a three year rolling average basis. The detailed rules define this by reference to how companies adhered to RMA-B reports to the FCA, but the FCA has detected that some […]

SMCR: Client dealing function CF30

  The FCA has suggested changes to the client dealing function of the certification regime to render it very clear that the function is not aimed to apply to employees engaging with clients in a solely administrative role. The proposed changes result from industry feedback that there was uncertainty whether or not such individuals could […]

SMCR: Head of Legal Position – January 2019

The FCA has confirmed that it will not require the registration, as an SMF18 or SMF22, of any person with overall responsibility for the Legal function. This is still conditional further consultation in CP19-04. Firms will need professional help in implementing this complex system.

FCA Senior Managers and Certification Regime

The Senior Managers and Certification Regime (SMCR) belongs to the UK regulators’ drive to enhance culture, administration and accountability within financial services firms. It tries to discourage misconduct by boosting individual accountability and attention of conduct issues throughout providers. Banks and PRA-designated investment providers have undergone the SMCR ever since March 2016. On 10 December […]