The 13 steps to SM&CR compliance

Download our handy guide to implementing SM&CR for FCA
solo-regulated firms.

Your step-by-step guide to
SM&CR implementation

The Senior Manager & Certification Regime (SM&CR) is complex. As such, fully implementing SM&CR compliance requires a number of different processes to be followed and requirements to be met. This guide will help you understand and implement every part of the SM&CR, including: classifying your firm, allocating Senior Management Functions and allocating prescribed responsibilities.

The importance of SM&CR to
solo-regulated firms

At its heart, the SM&CR demands robust process and comprehensive records management as an essential component in evidencing regulatory compliance. Firms are required to keep (and keep up-to-date) a record of the way in which Senior Manager responsibilities have been apportioned for at least six years. They are also required to keep “orderly records” of all fit and proper testing that has been conducted within the firm as well as staff disciplinaries so as to enable the firm to respond to regulatory reference requests within applicable deadlines.

A systematic approach to SM&CR record-keeping is therefore critical.