The Halloween Brexit deadline may have captured the media’s attention as it concerns the U.K. economy for now, but solo-regulated firms should also be concerned with another frightening date. That’s according to Juan Diego Martin, COO of Fonetic, in an opinion piece he authored for the publication Markets Media. Martin says firms are likely not giving the Dec. 9th Senior Managers and Certification Regime (SMCR) implementation deadline the attention it deserves.
U.K. banks have had adequate time to prepare for SMCR, Martin says. But he cites a 70% rise in lifetime bans by the Financial Conduct Authority (FCA) in 2018 as evidence banks have yet to embed SMCR compliance into their corporate cultures.
And while the FCA prepares to crack down on those not in compliance with the new rules, other jurisdictions outside of the U.K. have used SMCR as an opportunity to create “copycat” regulations.
Regardless of which law they face or jurisdiction that oversees their business, Martin says senior managers can alleviate their regulatory fears by taking a proactive approach to compliance. Having the correct processes and systems in place are key to senior managers effectively monitoring and supervising employee conduct and proving that to regulators.
For more information, consider reading Martin’s article in Markets Media. Or watch our webinar with SMCR experts where they discuss the impact of the changes and go through five steps you should take into consideration to make sure your company is prepared for the regime.