Succession appoints risk officer ahead of SMCR

Succession appoints risk officer ahead of SMCR

Succession Wealth has appointed a chief risk officer as it prepares for the roll out of the senior manager and certification regime.

The adviser consolidator appointed Susan Puddephatt, a former risk officer at Tilney, to the role responsible for leading the development of the group’s risk management, compliance and internal audit teams. 

The SMCR, to be rolled out across the wider financial services industry in December this year, will introduce stricter accountability standards for employees in senior functions.

Article continues after advert

Under the rules anyone who holds a senior management function at an advice company will need to be approved by the FCA and every senior manager will need to fill out a statement of responsibilities explaining what they are responsible for.

Succession stated the role, which has been created for Ms Puddephatt, reflected the importance of strong and effective governance and risk management, specifically with the expansion of the SMCR.

Prior to her time at Tilney, she was a partner and CRO at Ardevora Asset management, and risk and compliance director at Equitable Life. 

James Stevenson, CEO at Succession Wealth, said: "Susan is a highly experienced executive CRO and brings deep experience in risk management and regulation to the group. She has joined the Succession executive team as well as the main board."

Succession Wealth is a wealth management and financial planning business with £7.75bn of client funds under management.

The business employs 600 people at 12 regional offices across the UK.

In December 2017 it appointed James Stevenson as chief executive following the passing of Succession’s founder and chief executive Simon Chamberlain.