New Senior Managers Regime guides launch for firms

SM&CR, which replaces the Approved Persons Regime from December 2019, makes senior managers directly accountable for their firms’ regulatory breaches.

Regulated firms will need to apply a broad framework to all business activities that sets minimum standards for conduct and behaviour for all key staff members.

Specific requirements under the regulation vary depending on a firm’s size and activity, with the FCA identifying three types of firm: Core, Enhanced and Limited Scope.

The three short guides from Model Office cover each of these categories, providing information on key requirements, functions and responsibilities tailored to the type of firm. They also feature practical guidance to help senior managers make sense of their business and personal obligations.

Chris Davies, founder of Model Office, commented: “We know this stuff can be hideously confusing and off putting to people whose brains aren’t wired for the more arcane areas of regulation and compliance. But, in our view, SM&CR is the biggest piece of regulation to effect retail financial services to date and non-compliance is not an option. With the deadline fast approaching, business leaders can’t put this off any longer.

“Our short guides will help senior managers cut through the technical jargon to understand their firm’s and their personal responsibilities under the regime. They provide practical strategies, tasks and ideas that can be used immediately to help ensure compliance by the current deadline of 10 December 2019.”