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Summary of the SM&CR Oct 18

Summary of the SM&CR Oct 18

The FCA have released the following update but I have also attached my summary of the recent Senior Management Paper. We have a presentation and training that will be rolled out to everyone in early 2019, but if you have any questions in the meantime please do not hesitate to contact me.

Firms needs to review the attached guide and consider the questions at the end. You need to be considering if any applications for SMCR will be needed or if you have any staff that will fall under the new Certification Regime, if any – you may not have any!

FCA guidance consultation on SM&CR statements of responsibilities and responsibilities maps for FCA solo-regulated firms

The FCA has published a guidance consultation relating to SM&CR. The proposed guidance is in order to provide a practical aid to firms preparing Statements of Responsibilities and Responsibilities Maps, building on the information contained in the FCA’s SM&CR Guide for solo-regulated firms.

This guidance is applicable to FCA solo-regulated firms for when SM&CR will be extended to all FSMA authorised firms on 9 December 2019. This guidance may also be helpful for dual regulated firms and those already within the SM&CR regime when preparing new Statements of Responsibilities and Responsibilities Maps or reviewing old ones.

The FCA welcomes industry comments via the online response form by 10 December 2018.
Read more.

Senior Managers & Certification Regime Oct 18

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