Classification Quiz - Blog Image

Feature update: Firm classification quiz

Our latest update adds the ability to complete quiz questions in order to quickly and easily determine your firm’s SM&CR classification.

In order to fully and correctly comply with SM&CR, you need to be aware of your firm’s SM&CR classification. There could be a big difference between the actions you need to take as an Enhanced Firm compared to a Limited Scope Firm. That’s why we’ve created a quiz to help you to determine your firm’s classification.

Let’s take a look at how the new update works:



Completing a firm classification quiz

You’ll find the classification quiz in the “Frequently Performed Actions” tab within the Workbench. Here you’ll be able to answer a series of questions, including:

  • “Are you a firm with permission to carry out one ore more regulated activities?”
  • “Are you a sole trader?”
  • “Is your firm an authorised professional firm?”

Based on the answers to your questions, you’ll receive one of the following classifications:

  • Core SM&CR firm
  • Enhanced SM&CR firm
  • Limited Scope SM&CR firm
  • SM&CR insurance firm
  • SM&CR banking firm
  • Firm not subject to the SM&CR

You can see an example of this below:


Additional information

  • If you receive a firm classification that you know isn’t representative of your firm, you can go back and change your responses to generate the correct result.
  • In a future update, we’ll allow you to save a record of your firm(s) classification, so you can refer back to it at any time.

No matter your firm’s classification, it’s vital your firm stays SM&CR compliant. Why not get in touch to see how Corterum can help?