The Financial Conduct Authority has advised that additional requirements to ensure compliance with the Senior Managers & Certification Regime must be implemented by 9 December 2020.
Acknowledging that changes will take time to implement, the FCA is urging regulated firms to start preparing now:
“The Senior Managers & Certification Regime (SM&CR) is a catalyst for driving cultural transformation which sets a new standard of personal conduct in financial services. A regime with such a big intended impact on a sector will of course take some time to embed, and following initial implementation on the 9 December 2019, firms still have work to do during 2020 to be ready for the next steps.”
By the 9 December 2020, solo-regulated firms will need to ensure the following:
- all relevant staff are trained on the 5 Conduct Rules and understand how these rules apply to their roles
- all staff in certified roles are fit and proper to perform that role and are issued with a certificate
- that firms submit data to the FCA for directory persons working in financial services.
If firms have any questions regarding the SM&CR, they should contact [email protected]
BVRLA Learning & Development team also provides a range of learning resources to help support members with SM&CR compliance, including e-Learning modules, webinars and training courses.
You can find out more about the SM&CR training course on the BVRLA website.
