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Compliance

SM&CR June Update: FCA Webinar

Posted on 12 Jun 2019

organise your management accountability

On the Monday 3rd June the FCA ran a webinar that shone light on many of the queries firms have surrounding the SM&CR. They outlined the key aims of the SM&CR, provided some advice on how firms should proceed and held an extensive Q&A submitted by viewers. The full webinar can be viewed on the FCA website here.

Key takeaways from the Webinar

  1. The FCA will contact your firm within the next two months with their recommendation of your SM&CR tier.
  2. You can 'opt-up' to a more regulated tier for firms looking to future-proof their SM&CR policy for long term growth.
  3. The FCA advises that implementing the regime successfully will require the regime to be viewed as "a journey, not a destination".
  4. The SM&CR is about encouraging Senior Managers to make sure there is a healthy culture within their company as this leads to much lower risk of misconduct.
  5. Firms that tweaked existing processes to implement the SM&CR were more likely to succeed than those who attempted to build new and specific processes.
  6. The SM&CR should be part of a firm's "DNA" going forward.
  7. The FCA also have a 'Firm checker' tool on their website to assist in identifying your firm's tier.

How can we help?

Once the FCA has notified you about your recommended tier, Laven can help outline a list of action points that you need to complete in order to be SM&CR compliant, provide training to staff and assist with drafting your SORs and other compliance documentation. We have also incorporated relevant parts of SM&CR into Laven's in-house compliance software, the Digital Compliance Assistant (DCA). 

Laven's SM&CR Services:

  • Fitness and propriety certification,
  • Statement of Responsibilities (SORs),
  • Firm's annual SM&CR attestations,
  • Regulatory references,
  • SM&CR issues register,
  • Online training modules for all employees,
  • Software for monitoring and processing reviews.

 If you would like to know more, get in touch at SMCRteam@lavenpartners.com or call Lucy Balicki on +44 (0) 207 838 0010.