Senior Managers and Certification Regime
The Senior Managers and Certification Regime (SM&CR) becomes enforceable for solo-regulated firms on 9th December 2019 and seeks to increase individual accountability within financial services. Laven can help you will the necessary documents and processes ahead of the time to ensure your firm is not caught out when the regulation comes into force.
One of the key parts of the SM&CR is its tiered system to allow the regulation to scale to different sizes and types of Firm (Limited Scope, Core or Enhanced). This is the important first step in assessing your SM&CR plan. The FCA has stated that it will be contacting all Firms giving them their recommendation on the tier they fit in.