IQ-EQ SMCR Core Firm Toolkit

The Senior Managers and Certification Regime (SMCR) has been in force for banks, building societies and credit unions since March 2016 but will extend to cover all FCA solo-regulated services firms from 9 December 2019.

Set to replace the UK Approved Persons Regime, SMCR aims to reduce harm to consumers and strengthen market integrity by imposing a duty of responsibility on senior managers and making individuals more accountable for their conduct and competence.

Under the regime, a ‘statement of responsibilities’ must be provided to the FCA for every senior manager, outlining their responsibilities and accountabilities. Firms will also be required to certify at least on an annual basis that all individuals in “significant harm” functions are fit and proper, and ensure staff are well trained on the associated Conduct Rules.

Significant time will need to go into assessing required changes and designing systems and processes (including effective training) to implement all three aspects of the regime.

At IQ-EQ, many of our clients are boutique investment managers and advisory firms subject to the lighter touch ‘core’ regime, and the FCA has provided extensive practical guidance for such organisations. We are therefore offering our clients a free tailored SMCR Core Firm Toolkit based on public information in the FCA register that will significantly reduce implementation costs.

This Toolkit has been designed to reduce the amount of time spent on necessary administrative changes and allow our clients to focus on the more substantive governance issues.

Our complete SMCR Core Firm Toolkit contains:

  1. Implementation Plan
  2. Assessment of Implementation Level
  3. Completed Mapping of Approved Persons to Senior Managers and Certification Staff
  4. Recommendations on Allocation of Core Firm Prescribed Responsibilities
  5. Template Statement of Responsibilities
  6. Conduct Rules Training Slides

This Toolkit is available to all IQ-EQ clients. To access step one for free, simply submit your details using the contact form on the right hand side of this page. You will then receive a download of the Implementation Plan template and a member of our expert team will be in touch in due course to find out more about your SMCR requirements.

If you are an existing client and wish to receive a copy of the full Toolkit, please speak to your dedicated relationship manager who will be able to provide you with the complete set of files.