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
The report
PCBS reports to Parliament.
01 June, 2013SM&CR for banks
SM&CR enters into force for banks, broker-dealers and insurers.
01 June, 2013SM&CR for Insurers
SM&CR extended to insurers
06 March, 2016Directory data
Start date for FCA Directory Data (banks, insurers and their appointed representatives).
10 December, 2018Data entry
Initial date when FCA Directory multiple data entry facility was supposed to have been completed and made available.
10 December, 2018Solo-regulated firms
SM&CR enters into force for FCA solo-regulated firms.
30 September, 2019Certification employees
Deadline by which certification employees must be identified.
09 December, 2019Conduct Rules
Conduct rules take effect for senior managers and certification staff.
09 December, 2019Training delivery
Deliver conduct rules training to all senior managers and certification staff.
09 December, 2019FCA 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, 2020Directory data deadline
ORIGINAL DEADLINE for FCA solo-regulated firms to submit data to the Directory.
07 December, 2020Fit and proper testing
ORIGINAL DATE for all fit and proper testing of Certification Staff to have been completed.
09 December, 2020Conduct Rules
Conduct rules take effect for staff members who are not senior managers or certification staff.
09 December, 2020Conduct Rules training
Deliver Conduct Rules training to all Conduct Rules staff.
09 December, 2020Fit and proper testing - revised
REVISED DATE for all fit and proper testing of Certification Staff to have been completed.
31 March, 2021Benchmark administrators - fit and proper certification
Deadline by which benchmark administrators must certify relevant employees as fit and proper.
07 Decemberr, 2021
