• Course
    Embedding SM&CR in an FCA Solo Regulated Firm (SMCROL)
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Get this course in-house
Or call 0203 178 4230
or email info@fstp.co.uk today.

Course Overview

Whether you are an Enhanced or Core Firm you need to know the score.

For the banks, building societies and designated investment firms the SM&CR implementation phase is long gone and they are still grappling with what the Regulator actually requires to evidence that the regime is being embedded in their business.  So for those of you in FCA solo regulated firms getting used to what it means living with the everyday implications is still very new and for some quite challenging.
Feedback from the regulators has demonstrated that a lot can be learned from mistakes and lack of application to the process. They are expecting you to learn from those mistakes and will be less than tolerant if you don’t.
Holding individuals to account is a key component of effective regulation. The Regulators believe the Senior Managers Regime, SMR and the Certification Regime, CR will address the lack of trust in the Financial Services Sector following the 2008-2009 financial crisis .
The focus on the behaviour and competence of individuals who hold positions of responsibility which could cause client, industry and market detriment has never been more intense – especially now in the light of COVID19.
Individuals in positions of influence who have never held approved person status before will now be held accountable for their decisions and actions. SM & CR needs to be an itemised agenda point at all board meetings
 Attending this two hour briefing will give you an overview of what the regulator requires of Senior Managers and what this practically means to the firm as a whole. There are a number of key considerations and actions that need to be completed - this briefing highlights what they are, your responsibilities and what needs to be done to demonstrate you are embedding SM&CR requirements within your business.


Why we need to embed this regime

  • Brief background overview
  • The FCA's expectations

The Senior Managers Regime

  • The implications to Approved Persons
  • The Responsibilities Map
  • The Handover

The Certification Regime

  • Individuals affected
  • Key implications
  • Transition

Fit and Proper

  • Fit and Proper standards
  • The implications of failing Fit and Proper stanards
  • Notifying the regulator

The New Conduct Rules

  • Who's affected - the wider population?
  • Chinge in practiceand terminology
  • Training required

Summary and review

  • Time for outstanding questions


Get this course in-house

Or call 0203 178 4230 or email info@fstp.co.uk today.

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Meet The Tutor

Who is this course for?

'This training helped me understand better how to approach vulnerability and will be useful to design training courses internally.'

Head of Personal Loans
Finance and Leasing Firm

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