Networking News

SM&CR: the lowdown on Senior Management Functions

It may seem like it has been going on forever, but the Senior Managers & Certification Regime (SM&CR) will finally arrive on 9th December.

We’re looking one of things that you need to bear in mind for SM&CR, and that is Senior Management Functions.

What are Senior Management Functions?

A Senior Management Function (SMF) is a new type of controlled function under FSMA (Financial Services and Markets Act 2000). SMFs, in summary (relating to the carrying on of a regulated activity), are any function that requires the person performing it to be responsible for managing one or more aspects of the firms affairs. This goes so far as relating to the activity, and that those aspects involve, or might involve, a risk of serious consequences for the firm or for business or other interests in the UK.

People who hold these functions are called Senior Managers and are the most senior people in a firm with the greatest potential to cause harm or impact upon market integrity.

Anyone who performs an SMF needs to be approved by the FCA before they can commence their role.

Are you fully prepared?

Is your paperwork in order and are all staff trained to the level they need to be to fulfil their responsibilities? If you are a Broker Network Member, we’re sure this is a big yes with all the documentation and training we’ve provided to help you along the journey. We have created a dedicated SM&CR toolkit on the Hub for you, which contains handy documents, along with webinar recordings and access to the LINK modules on Conduct Rules. Members, click here to access the Hub.

If you’re not part of the Network and would let to find out more, please get in touch.

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