Senior Managers & Certification Regime

SM&CR is due to be extended to cover all solo regulated financial services firms from 9 December 2019 and will replace the Approved Persons Regime entirely.

The SM&CR’s overarching aim is to reduce harm to consumers and to strengthen market integrity by improving culture, governance and accountability.

The regime creates a new regulatory framework to:

• Focus accountability on a narrower number of individuals at the top of the firm
• Encourage individuals to take greater responsibility for their actions
• Make it easier for both firms and regulators to hold individuals to account

SM&CR which applies on a legal entity basis will affect most senior managers, with board members (or equivalent) and those who have significant ability to cause significant harm to a firm’s business – namely Certification Staff.

Why GRT

Our subject matter experts have the required knowledge and experience and are well placed to help you to interpret and implement SM&CR effectively and benchmark against industry best practice.

Please contact Ayaz Siddiqui (asiddiqui@grtconsult.com) if you wish to discuss SM&CR and how we may be able to support you.