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:
Parliamentary Commission on Banking Standards established.
PCBS reports to Parliament.
SM&CR enters into force for banks, broker-dealers and insurers
SM&CR extended to insurers.
Start date for FCA Directory Data (banks, insurers and their appointed representatives).
Initial date when FCA Directory multiple data entry facility was supposed to have been completed and made available.
SM&CR enters into force for FCA solo-regulated firms.
Deadline by which certification employees must be identified.
FCA solo-regulated firms can begin submitting data to the FCA Directory.
Conduct rules take effect for senior managers and certification staff.
Deliver conduct rules training to all senior managers and certification staff.
Deadline for banks, insurers and their appointed representatives to submit data to the FCA Directory.
SM&CR enters into force for benchmark administrators.
ORIGINAL DEADLINE for FCA solo-regulated firms to submit data to the Directory.
ORIGINAL DATE for all fit and proper testing of Certification Staff to have been completed.
Conduct rules take effect for staff members who are not senior managers or certification staff.
Deliver Conduct Rules training to all Conduct Rules staff.
REVISED DATE for all fit and proper testing of Certification Staff to have been completed.
REVISED Deadline for FCA solo-regulated firms to submit data to the Directory.
Deadline by which benchmark adminstrators must certify relevant employees as fit and proper.