Extension of the SMCR – filling in the blanks

The long-awaited consultation paper on rolling out the Senior Managers and Certification Regime to all regulated financial services firms, has not dispelled a number of practical difficulties for smaller entities that are faced with its imminent implementation. They should make the most of the unfinalised timeline to submit feedback to the regulator as well as plan ahead, advises Julian Sampson.

Julian Sampson (julian@fulcrumcompliance.com) is director of Fulcrum Compliance (www.fulcrumcompliance.com) and was chair of the Chartered Institute for Securities and Investment compliance professional forum from 2009-2015.

The publication in July just past of the Financial Conduct Authority’s proposals for the extension of the Senior Managers Regime marks the opening shots in what promises to be a protracted implementation.