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The Credit Services Association (CSA)
SM&CR - near final rules for extending SM&CR published
The FCA has published near final rules for extending the Senior Managers and Certification Regime (SM&CR) to nearly all firms they regulate.
This includes Guides to the Senior Managers & Certification Regime to help firms to prepare for commencement:
- for solo-regulated firms on 9 December 2019
The guides summarise final rules and guidance on the SM&CR. They also give an overview of how the SM&CR works and how the FCA will move firms and individuals to the new regime. The FCA has also published a consultation paper – Introducing the Directory. They have proposed a Directory to help consumers and firms check the status and history of individuals working in financial services. The full package of documents includes:
- PS18/14 – Extending the Senior Managers and Certification Regime to FCA firms
- The Senior Managers and Certification Regime: Guide for FCA solo-regulated firms
- PS18/16 – Final Guidance: the Duty of Responsibility for Insurers and FCA solo-regulated firms
- CP18/19 – Introducing the Directory
Further updates from the Association will follow and as part of the Compliance & HR breakout stream at the 2018 UK Credit & Collections Conference, where Richard Fox (FCA) and Katharine Harle (Dentons) will present a session on SM&CR - HR Issues Across the Employee Lifecycle, followed by an SM&CR Q&A clinic. Katharine and Richard received excellent feedback following their SM&CR session at the 2018 CSA Members' Meeting.