We use cookies, if you consent to this use, please continue to browse our site.

Here to help with Regulation and Compliance

Compound Growth

SMCR: Two Weeks to Go!

SMCR Deadline Looms

25 November 2019

Firms are running out of time to put the necessary processes in place to comply with the new Senior Managers and Certification Regime (SMCR) with just two weeks to go until the December 9th deadline!

As firms coming under the new regime will be aware, the SMCR is an industry-wide shift towards individual accountability for those working in financial services.

Firms will now have an obligation to ensure their employees comply with the FCA mandated Conduct Rules and for assessing and certifying certain staff are fit, proper and competent enough to carry out their roles.

Recently, the regulator confirmed that it has opened a regulatory investigation into one firm and six individuals for non-financial misconduct following the introduction of the SMCR, which was first rolled out to the banking sector in March 2016.

In 2017-18 the average enforcement fine for individuals was £90,000 and substantially higher for firms, and last year, the FCA (together with the PRA) secured an individual fine against Barclays Chief Executive Mr Jes Staley of £642,000 for failing to act with ‘due skill care such large sums involved there is strong incentive to take the obligations that SMCR places upon you very seriously.

With literally days to go, Firms will be working hard to ensure all their ducks are lined up in a row before the start of the new regime.

If you have concerns about meeting the requirements of the new regime, or would like any advice or assistance, please do not hesitate to contact our practical and helpful consultants for a no obligation discussion.

Our consultants work with clients of all sizes and complexities and can assist your firm by providing practical support, tailored training for the Senior Managers Regime, Certification Regime and Conduct Rules as well as SM&CR document templates.

Simply drop us a line with your enquiry to find out more or call for a no-obligation chat.

SM&CR Related Reading:

News & Views News & Views

Read our latest articles, news and views affecting compliance and regulation in the UK Financial Services Industry.

Compliance Support from Compound Growth Ltd

Please contact our Compliance Support Team for a free no obligation discussion of your regulatory requirements and how our regulatory & compliance consultants can help your business move forward compliantly.

Send Email

Call by Telephone:

(020) 3813 2890

News & Views

SM&CR for Solo-Regulated Firms

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




SM&CR Key Dates