Hourglass on table

Fresh delays in establishing SMR and SIF applications

In the most recent regulation round-up, the FCA announced that there were once again large volume of applications of the Senior Managers and Certification Regime (SM&CR). 

Following an update in December 2020, which relayed information about delays in deciding SMR (Senior Manager Regime) and SIF (Significant Influence Function) applications due to a high volume of applicants before the SM&CR extension, Q1 2021 has shown a similar pattern.

Actual intake was much higher than anticipated and in conjunction with the ongoing COVID-19 staff shortages, further delays are therefore expected for applicants who recently applied.

The FCA have issued an apology for the delays whilst numbers and resources recuperate. 

However, they have also asked businesses to review applications before submission, as well as ensure all pre-submission tasks such as DBS and due-diligence checks are completed, in order to both speed up the process and maintain good practice. It is expected that the FCA will run business-as-usual by the end of the financial year. 

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