Last week, Mark Spiers, partner at regulatory consultancy Bovill, said the regime would allow the FCA to hold individuals accountable to mass mis-selling scandals and described this as a 'cultural shift' for advisers.
SimplyBiz has launched an SM&CR support programme to help advisers prepare for the implementation of the new rules. Gary Kershaw, compliance director of SimplyBiz, said the regime was "one of the biggest" regulatory changes facing advisers this year.
Shaun Church, director at Private Finance, said: "While the SM&RC is additional work, I think it should be viewed as a positive thing in the industry.
"Although I don't think there's an inherent problem that necessarily needs to be solved, I think it will inspire people to lead in the way they should be leading.
"By having a set standard of behaviour that the FCA would expect people to act by, you set that standard for firms with five people to firms with 500 people. It's a good thing."
Carl Shave, director of Just Mortgage Brokers, agreed. He said: "While the changes required by the FCA for the implementation of the SM&CR will be seen by many firms and brokers as another exercise to add to their growing number of tasks, it is a vital and important element of clarifying the structures and responsibilities of management.
"Many larger firms will no doubt have specific compliance personnel to assist with this change however the importance for all to ensure this is done on time is the same. The premise of the exercise will hopefully be for the greater good, with clear defined responsibilities and accountability for all firms regardless of their size."