MyComplianceOffice Blog

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. 

It’s only six months until the Financial Conduct Authority (FCA)’s new Senior Managers and Certification Regime (SMCR) requirements take effect. It’s important to remember as of December 9, 2019, a senior manager may be held personally liable for breaches in SMCR requirements. The FCA has made it clear it does not matter if the senior manager was involved in the breach. They will still be held accountable if the breach occurred as a result in their failure to execute on their SMCR responsibilities.  

The time to being preparing to comply with the new Senior Managers and Certification Regime (SMCR) is now, according the Financial Conduct Authority (FCA). The FCA recently issued a reminder to firms regulated by the Financial Services and Markets Act (FSMA) that they must be ready to meet SMCR requirements when the December 9, 2019 effective date arrives.  

The following is a guest post from Liz Hornby, a Principal Learning Consultant in Eukleia Training's London office and the November 28th MCO Webinar presenter and co-host.

Implications of Brexit on SMCR