So that you can get up and running quickly, and effectively discharge your compliance obligations under the Senior Manager and Certifcation Regime (SM&CR), we suggest the following steps:
- Set up your firm(s) as business entities – these are the FCA-registered businesses you are managing that are subject to SM&CR.
- Create a “Firm Information” dataset for the firm which has been created as a ‘Business’ under ‘Entities’.
- Input all relevant information about the firm into the “Firm Information” dataset. As a minimum, in order to produce Statements of Responsibilities, it will be necessary to have the following information:
- Name of firm
- Firm Reference Number
- Firm classification (‘Limited-Scope’, ‘Core’, ‘Enhanced’ etc.)
- Set up each member of staff under ‘People’ in ‘Entities’.
- Create a “Staff Information” dataset for each member of staff created under ‘People’ in ‘Entities’.
- Input all relevant detail for each individual. As the minimum necessary in order to produce a Statement of Responsibilities, it will be necessary to input the following data (about staff members who are Senior Managers):
- Title (Mr, Mrs etc.)
- All forenames
- Date of Birth
- Job Title
- Individual Reference Number
- National Insurance Number
- Create a “Statement of Responsibilities” dataset for each Senior Manager. In order to complete a “Statement of Responsibilities” you will require the following information:
- Senior Management Functions held
- Prescribed Responsibilities held
- Overall Responsibilities held (‘Enhanced’ firms only)
- Other Responsibilities held
- Supplementary Information
Once all of these details have been entered, you and your team will be able to begin managing your firm and your people under SM&CR