FCA provide links to SMCR help


Links to helpful information for the Senior Managers and Certification Regime

The FCA have asked NPA to share their links to helpful information for the Senior Managers and Certification Regime applies for solo-regulated firms (includes pawnbrokers) from 9 December 2019. Visit the FCA website www.fca.org.uk/smcr . They have provided guidance, podcasts and videos. They say their SM&CR webpages for solo-regulated firms are their central source of information and shows how the SM&CR applies to firms, categorisation, conversion from the Approved Persons Regime and answers to frequent queries. They also provide checklists which set out what firms will need to do to prepare, depending on their SM&CR category (for pawnbrokers this is ‘Core firm’.) The SM&CR Guide for Solo-Regulated firms is a summary of the FCA’s final rules and guidance.

A short video has been provided featuring large firms who are already enrolled and say they have noticed the benefits- for example AXA PPP healthcare and Fidelity International. David Blunt, outlines the effects of SM&CR and its benefits for firms.https://www.fca.org.uk/media/smcr-overview and you can download them at : https://play.buto.tv/C3Qd6

Finally, there are 3 podcasts which they say provide a clear and concise overview of what firms need to do to prepare for SM&CR:


The FCA press release adds-The FCA is extending the Senior Managers and Certification Regime (SM&CR) to FCA solo-regulated firms on 9 December 2019. This extension affects almost every solo-regulated firm, from very small firms to some of the largest global firms. It will help to set a new standard of personal conduct for everyone in the industry and is a chance to embrace change for the better.  Firms need to comply with the requirements of SM&CR from 9 December 2019. All firms who are preparing will need to identify your Certification staff and train your Senior Managers and Certification staff on the Conduct Rules. What else you will need to do depends on your SM&CR Category – Enhanced, Core or Limited Scope. Enhanced and some Core firms will need to submit a Form via Connect. You can find out more on the FCA’s webpages, which include checklists for each category. The Guide for solo-regulated firms is also a useful summary of the FCA’s final rules and guidance on SM&CR – it gives an overview of how SM&CR works and how you will be moved to the new regime.

Members are reminded that there is a wealth of support information on the NPA website members area under SMCR including 3 phases of guidance and useful templates.