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The early days of SMCR

Compliance Monitor

The early days of SMCR

How much of a change does the SMCR bring to solo-regulated firms? How have they performed thus far against the new challenges? And what needs to be done this year? Adam Jamieson and Daren Kemp consider these and other practical questions.

The Senior Managers and Certification Regime came into force for firms regulated solely by the Financial Conduct Authority on 9 December 2019. While it is still very early days for the new regime, a few challenges have already emerged at firms: in particular, the allocation of responsibilities among senior managers and the implementation of the new regulatory reference requirements. There are also a number of actions that need to be completed before the final provisions of the regime come into force on 9 December 2020.

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