Regulation 

Guide to preparing for SMCR

  • Identify what advice companies can expect from the new regulatory regime and how it has played out in the banking sector.
  • Describe what there is to know about complying and the potential challenges advisers might come across.
  • List some practical steps advice companies can take now to prepare for SMCR.
CPD
Approx.60min
Guide to preparing for SMCR

Introduction

The banking sector has already adopted the Senior Managers and Certification Regime and will be familiar with the preparations required for this regulation that replaces the Approved Persons Regime.

Now it is the turn of solo-regulated companies to comply with the regime in December this year, the aim of which is to "reduce harm to consumers and strengthen market integrity", the Financial Conduct Authority states.

Can advice companies approach this as a tick box exercise, or does it require more of a cultural change within companies?

In this guide, read about how SMCR has worked in the banking sector and what to expect from the regime when it comes in for advice companies this December.

The guide also looks at how advisers can comply with SMCR as the deadline draws near and what challenges they might face in doing so.

Finally, it will consider the practical steps advice companies can take now, ahead of December 2019, to ready themselves.

This guide is worth an indicative 60 minutes of CPD.

Contributors to this guide: Mark Turner, managing director of Duff & Phelps; Paul Bruns, director of field compliance at SimplyBiz Group; Mark Greenwood, director of compliance services at SimplyBiz Group; Richard Nuttall, director of compliance policy at SimplyBiz Group; Janice Laing, managing director of Compliance First, part of SimplyBiz Group; Brian Wilkinson, managing director of corporate and professional qualifications at the London Institute of Banking and Finance; Dominic Crabb, chief compliance officer at London & Capital; Martin Davis, chief executive of Kames Capital; Caroline Bradley, group risk and regulatory director at Tenet Group; Linda Gibson, director of regulatory change and compliance risk at BNY Mellon’s Pershing; Max Lewis, director of KPMG; Claire Cornell Johnson, technical policy manager and SMCR lead at Tax Incentivised Savings Association; Roy Beale, head of media relations at St James’s Place Wealth Management; Duff & Phelps; Clyde & Co; FCA.

Written by Victoria Ticha is a features writer at FTAdviser and Financial Adviser

In this guide

CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. According to Ms Laing, the FCA rules for smaller companies are designed to be what?

  2. For companies that sit in the FCA's 'core regime' there are only how many prescribed responsibilities?

  3. Ms Bradley says, for core companies, the transition to SMCR should be what?

  4. Mr Crabb describes senior managers as by their nature what type of people?

  5. Mr Turner states the following: "the regime will work best if it is approached as a tick box exercise, rather than a culture change." True or false?

  6. Mr Wilkinson suggests aiming for a project completion date of when?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Identify what advice companies can expect from the new regulatory regime and how it has played out in the banking sector.
  • Describe what there is to know about complying and the potential challenges advisers might come across.
  • List some practical steps advice companies can take now to prepare for SMCR.

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