SM&CR: A timeline

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, ad we’ll update this over time as more dates are added. Take a look:

SM&CR: Past, present and future

Parliamentary commission

Parliamentary Commission on Banking Standards established.

01 June, 2012

The report

PCBS reports to Parliament.

01 June, 2013

SM&CR for banks

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

01 June, 2013

SM&CR for Insurers

SM&CR extended to insurers

06 March, 2016

Directory data

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

10 December, 2018

Data entry

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

10 December, 2018

Solo-regulated firms

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

30 September, 2019

Certification employees

Deadline by which certification employees must be identified.

09 December, 2019

Conduct Rules

Conduct rules take effect for senior managers and certification staff.

09 December, 2019

Training delivery

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

09 December, 2019

FCA Directory data

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

 

09 December, 2019

Benchmark Administrators

SM&CR enters into force for benchmark administrators.

09 March, 2020

Directory data deadline

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

07 December, 2020

Fit and proper testing

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

09 December, 2020

Conduct Rules

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

09 December, 2020

Conduct Rules training

Deliver Conduct Rules training to all Conduct Rules staff.

09 December, 2020

Fit and proper testing - revised

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

31 March, 2021

Benchmark administrators - fit and proper certification

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

07 Decemberr, 2021

Everything you wanted to know about SM&CR - but were afraid to ask!

New to SMCR – or need a hand getting up to speed withj SMCR compliance? This guide will help you understand and implement every part of the SM&CR. You’ll learn, amongst other things:

  • How firms are classified.
  • How to identify Certification Staff.
  • The Responsibilities of a Senior Manager.
  • Conduct Rules & how they apply to your role.

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