- The Senior Managers & Certification Regime - The Implications For FCA Solo Regulated Firms
12 November, 2019
9:30 am - 12:30 pm
- City of London
Knowing the implementation date for the second round of SM&CR is the 9th December 2019 doesn’t necessarily make it any easier. Firms will be at different stages in preparing to meet the requirements that this enhanced regulation will bring. For the banks, building societies and designated investment firms the implementation phase is long gone but living with the everyday implications is still keenly felt. One thing they will tell you is that preparing for that implementation took a lot longer than they had anticipated.
Feedback from the regulators has demonstrated that a lot can be learned from mistakes and lack of application to the process. They are expecting you to learn from those mistakes and will be less than tolerant if you don’t.
Holding individuals to account is a key component of effective regulation. The Regulators believe the Senior Managers Regime, SMR and the Certification Regime, CR will address the lack of trust in the Financial Services Sector following the 2008-2009 financial crisis.
The focus on the behaviour and competence of individuals who hold positions of responsibility which could cause client, industry and market detriment has never been more intense.
Individuals in positions of influence who have never held approved person status before will now be held accountable for their decisions and actions.
Whether you are an Enhanced or a Core Firm the Regulators will look at how you are applying the new requirements appropriately for:
- The Senior Managers Regime
- The Certification Regime
- The New Conduct Rules
- Fit and Proper Assessment
The regulator expects SM&CR to be an itemised agenda point.
Attending this two hour briefing will give you an overview of what the regulator requires of Senior Managers and what this practically means to the firm as a whole. There are a number of key considerations and actions that need to be completed – this briefing highlights what they are, your responsibilities and what needs to be done before 2018.
Enhanced or Core –you need to know the score.
The Course Agenda
The Background to the Requirements
- Who and what is affected and why?
The Senior Managers Regime
- The implications to the current Controlled Function population
- Prescribed responsibilities
- The Responsibilities Map
- The Handover
The Certification Regime
- Individuals affected
- Key Implications
The New Conduct Rules
- Who’s affected – the wider population?
- Change in practice and terminology
- Training required
Fit and Proper
- Fit and Proper standards
- The implications of failing Fit and Proper standards
- Notifying the regulator
Implications to the Remuneration Code
- The tighter mitigating remit
Meet The Tutor
Director of Learning
Richard has a proven track record in regulatory compliance and risk management, both as a practitioner and as a trainer. Before becoming an independent consultant in 2011, Richard spent nearly 25 years’ working for Bupa in a variety of senior management roles. The last 10 years’ were spent as Head of Compliance and Policy Development for Bupa’s insurance division. In that time he was closely involved in the development of a number of key regulatory initiatives including the business’s preparations for Solvency II implementation. As a consultant, Richard has also assisted a number of clients in understanding Solvency II particularly in relation to the practical application of Pillar 2 which sets out requirements for the governance, risk management and effective supervision of insurers.
Who is this course for?
- Heads of Compliance
- Heads of HR
- Heads of T&C
- Senior Managers
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Sessions are practical workshops not PowerPoint lectures. All courses are limited to no more than 14 attendees, so we’re able to explain concepts in the context of your business.