The BVRLA has produced a suite of training and guidance to help members build knowledge amongst staff who need to know more about the Senior Managers and Certification Regime (SM&CR).
From the 9 December 2019, SM&CR became enforceable for all FCA solo-regulated consumer credit firms, replacing the Approved Persons Regime.
The BVRLA will be monitoring compliance with the SM&CR as part of its audit programme from January 2020, now that the regime has come into effect.
The following resources are available to help members build understanding amongst their employees:
1. Download the BVRLA factsheet: A comprehensive factsheet is available on the BVRLA website.
2. Complete one of the online e-Learning modules: The BVRLA has introduced four different SM&CR e-learning modules as part of the Essentials Package or Managers and Compliance Package. They are;
• Introduction to SM&CR
The learner will also gain an understanding of how this new regime will impact their firm.
• Overview of SM&CR for Solo Enhanced Businesses and Solo Limited Scope Businesses
These modules will help support the transition from the Approved Persons Regime to SM&CR.
• Overview of SM&CR for Solo Core Businesses
This module provides a deeper understanding of why an individual accountability regime is being implemented.
3. Attend a classroom-based SM&CR course: Anyone with responsibility for the implementation of the regime will benefit from attending this half day SM&CR Implementing Change course, including Senior Managers responsible for compliance, HR, legal and operations.
