What are the 3 main elements of the senior managers and certification regime?
What are the 3 main elements of the senior managers and certification regime?
There are three main elements to the regime: (1) the senior managers regime; (2) the certification regime; and (3) conduct rules that apply directly to a firm’s workforce.
What are senior management functions?
Senior management functions
- being an executive director of a regulated firm.
- being responsible for compliance with our rules.
- being responsible for overseeing the firm’s compliance against money laundering.
How many categories of personnel are there within the SMCR regime?
For solo-regulated firms, there are 3 categories under the SM&CR: Limited Scope. Core. Enhanced.
What date will the SM&CR apply to all individuals within regulated firms?
9 December 2019
The Senior Managers & Certification Regime (SM&CR) will apply to all financial services firms regulated by the Financial Conduct Authority (FCA) from 9 December 2019.
Who does the senior managers Regime apply to?
The Regime currently applies to deposit takers and investment firms regulated by the FCA and PRA. From 10 December 2018, it also applies to insurers and will apply to all other FSMA authorised firms that are regulated solely by the FCA in the future.
Which of these are objectives of the senior managers Regime SMR?
The SM&CR’s overarching aim is to reduce harm to consumers and to strengthen market integrity. This is achieved by raising the standards of conduct for everyone who works in financial services, and by making senior people in firms more responsible and accountable for their conduct, actions and competence.
Who does the Senior Managers regime apply to?
What is an approved person under the senior manager regime?
An “Approved Person” is an individual who is directly approved by the FCA to perform one or more activities on behalf of an authorised firm. They will continue to be approved under the new Senior Manager and Certification Regime (SM&CR). The FCA will look at the individual’s: Honesty. Integrity and reputation.
Who does the Senior Managers Regime apply to?
What determines whether someone is fit and proper?
When considering a candidate’s fitness and propriety (including but not restricted to), we look at: honesty (including openness with self-disclosures, integrity and reputation) competence and capability. financial soundness.
How many senior manager conduct rules are there?
There are two sets of Conduct Rules. The first set applies to all staff (including Senior Managers). The second set only applies to Senior Managers.
How long is the certificate issued under the certification regime valid for?
12 months
A certificate is only valid for a maximum of 12 months from the date of issue, so firms will also have to reassess the fitness and propriety of all their Certification Function staff on an annual basis.
