FCA publishes lessons learnt from SM&CR in banking sector

The Financial Conduct Authority has published a report outlining the findings of a review into the embedding of the SM&CR into the banking sector, following its introduction in March 2016.

The Senior Managers and Certification Regime Banking Stocktake Report will be of interest to all FCA-regulated members for whom the SM&CR will apply as of 9th December this year.

Commenting on why they carried out the review, the FCA said:

“We want to better understand how the SM&CR has embedded in the banking sector in the 3 years since it was introduced. We are interested to understand whether there are any issues that warrant more focus from firms and the FCA. We anticipate that firms will be able to learn from banks and building societies in developing their approach to embedding SM&CR.”

The FCA has also published a Policy Statement on Final Rules on the extension of the Senior Managers and Certification Regime, confirming final rules on extending the SM&CR to FCA solo-regulated firms, including claims management companies.

It also makes final rules on a new directory of individuals working in financial services.

BVRLA members preparing for SM&CR should read the BVRLA blog FCA-regulated firms must get ready, get set… and get in touch with the BVRLA compliance team for further support and guidance.