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Regulatory Change: SM&CR Implementation

The Senior Managers and Certification Regime (SM&CR) aims to reduce harm to consumers as well as strengthen market integrity by making the individuals working within firms more accountable for their conduct and competence.

Referred to as SM&CR for short, the Senior Managers and Certification regime replaces the existing Approved Persons Regime and changes how people working in financial services are regulated.

SM&CR Implementation Dates:

SM&CR was initially rolled out in the Banking sector on 7th March 2016 and was implemented by dual-regulated Insurers last year on 10th December 2018. The next stage of implementation is for SM&CR to be extended to all solo-regulated firms on 9th December 2019.

Those sectors that have already implemented SM&CR, along with the regulator, have viewed the regime as a “catalyst for change”, bringing with it the opportunity for their firms to establish healthy cultures and effective governance by promoting greater individual accountability and clearly establishing new standards of personal conduct.


Preparing to implement SM&CR:

SM&CR aims to encourage a culture of staff at all levels taking personal responsibility for their actions as well as ensure that firms and staff clearly understand, and can demonstrate, where responsibility lies.

Embracing the new rules and ensuring that a firm’s culture and governance support the objectives of SM&CR will help your firm to enter the new regime with confidence, as well as help support the individuals being asked to be accountable.

SM&CR Practical Support:

If you are preparing your firm for the extension of the SM&CR regime and need any advice or support, our experienced regulatory consultants would be happy to offer their assistance and practical support. Just drop our friendly team a line to discuss how we can help.

SM&CR Related Reading:

Compliance Support: Senior Managers & Certification Regime (SM&CR)

News & Views

SM&CR: Solo-Regulated Firms

The Senior Managers & Certification Regime will apply to Solo-Regulated Firms from 9th December 2019.




News & Views

SM&CR: Insurers

The SM&CR has applied to dual-regulated Insurers since implementation in December last year.




News & Views

SM&CR: Banking Sector

The Senior Managers & Certification Regime has applied to the Banking sector since 2016.




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