MyComplianceOffice Blog

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.  

UK Finance, Britain’s trade association for banks in the country, has published the financial industry’s first major appraisal of the Senior Managers and Certifications Regime(SMCR). The requirements under SMCR were introduced by the Financial Conduct Authority (FCA) in 2016 as part of regulatory reforms following the 2007-09 financial crisis.  

Jonathon Davidson, executive director of supervision, retail and authorizations for the Financial Conduct Authority (FCA) is urging financial firms to consider the Senior Managers and Certification Regime (SMCR) as "a positive thing … as opposed to just a compliance thing which in a sense is constricting." Davidson's viewpoint was expressed as part of an FCA podcast focused on the extension of the SMCR to FCA solo-regulated firms beginning in December 2019. 

UK firms have less than six months left to ensure they comply with the new Senior Managers and Certification Regime (SMCR) rules. SMCR will have a measurable impact on management, compliance, human resources and technology processes for all firms regulated by the Financial Conduct Authority.