Tips and Technology for Managing SM&CR Compliance


With the Senior Managers and Certification Regime (SMCR) set to take effect on Dec. 9, solo-regulated financial firms in the U.K. are working hard to ensure they understand how the new rules will impact them and what they should consider when implementing new compliance measures.  

British law firm Farrer & Co offers an excellent primer on what exactly is required of financial firms under SMCR. The law firm also suggests practical steps to consider taking when preparing for the rules related to:

  • Scoping and preparation; 
  • Training and guidance; 
  • Senior managers; 
  • Certification; 
  • Fitness and propriety;and 
  • Employment contracts and disciplinary procedures. 

 For more information, visit Farrer & Co’s Insight article on the subject or download the firm’s more in-depth briefing.  

Additionally, technology can play an important role in helping firms implement these steps in an efficient, effective and affordable manner. Consider also reading Regulation as Opportunity: RegTech Tips for Fostering SMCR Compliance by MCO CEO, Brian Fahey. In the article, Fahey explains how technology can help firms gain more transparency and control in managing their SMCR obligations while saving time and reducing compliance costs.  

In less than four months, the Financial Conduct Authority will expect all solo-regulated firms to comply with the new SMCR rules. Arming yourself with the information and tools needed can make achieving this much faster and easier in this short time frame.