SM&CR: A brief timeline

SM&CR: Past, present and future

The Senior Managers and Certification Regime (SM&CR) is a regulation that’s been nearly ten years in the making, and will impact the operation of FCA-registered for years to come.

Our timeline below shows the various milestones in the SM&CR’s evolution, and also projects forward to some key future dates and deadlines that the FCA have set up for various parts of the regulation. Take a look:

  • 01 June 2012

    Parliamentary Commission on Banking Standards established.

  • 01 June 2013

    PCBS reports to Parliament.

  • 07 March 2016

    SM&CR enters into force for banks, broker-dealers and insurers

  • 10 December 2018

    SM&CR extended to insurers.

  • 10 December 2018

    Start date for FCA Directory Data (banks, insurers and their appointed representatives).

  • 30 September 2019

    Initial date when FCA Directory multiple data entry facility was supposed to have been completed and made available.

  • 09 December 2019

    SM&CR enters into force for FCA solo-regulated firms.

  • 09 December 2019

    Deadline by which certification employees must be identified.

  • 09 December 2019

    FCA solo-regulated firms can begin submitting data to the FCA Directory.

  • 09 December 2019

    Conduct rules take effect for senior managers and certification staff.

  • 09 December 2019

    Deliver conduct rules training to all senior managers and certification staff.

  • 09 March 2020

    Deadline for banks, insurers and their appointed representatives to submit data to the FCA Directory.

  • 07 December 2020

    SM&CR enters into force for benchmark administrators.

  • 09 December 2020

    ORIGINAL DEADLINE for FCA solo-regulated firms to submit data to the Directory.

  • 09 December 2020

    ORIGINAL DATE for all fit and proper testing of Certification Staff to have been completed.

  • 09 December 2020

    Conduct rules take effect for staff members who are not senior managers or certification staff.

  • 09 December 2020

    Deliver Conduct Rules training to all Conduct Rules staff.

  • 31 March 2021

    REVISED DATE for all fit and proper testing of Certification Staff to have been completed.

  • 31 March 2021

    REVISED Deadline for FCA solo-regulated firms to submit data to the Directory.

  • 07 December 2021

    Deadline by which benchmark adminstrators must certify relevant employees as fit and proper.