SMCR Support Services

Enhanced Accountability and Governance under SMCR

With the Consumer Duty regulations fully in force, a new, elevated standard for how firms in the financial services industry must interact with consumers is expected. This shift prioritises consumer protection across the entire distribution chain, ensuring that firms put the customer at the center of their operations. The Consumer Duty represents a significant regulatory change, described by the FCA as a “paradigm” shift in its approach to consumer protection, demanding that firms ensure good outcomes for consumers across every aspect of their journey.

The Senior Managers and Certification Regime (SMCR), introduced by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) is designed to strengthen accountability, governance and standards within financial services firms across the UK. It applies to a range of financial institutions in the UK and consists of three main elements: Senior Managers regime, Certification regime and Conduct rules. By setting clear responsibility standards, certification obligations and conduct rules, SMCR aims to ensure that Senior Managers, Certified staff and employees maintain the highest levels of integrity and professional conduct. Complyport provides a comprehensive suite of SMCR Support services to help your firm comply with this essential regulatory framework, promoting robust governance and reducing the risk of regulatory breaches.

Our Services

Our SMCR compliance services address every stage of the compliance journey, from initial implementation to ongoing oversight. Whether your firm is new to SMCR or looking to enhance its existing framework, our team of experts offers solutions to keep you compliant and focused on effective management.

SMCR Framework Assessment: We evaluate your current governance structure, Senior Management responsibilities and internal controls, identifying gaps and aligning your firm’s practices with SMCR requirements.
Senior Manager Function (SMF) Mapping and Documentation: Guidance in identifying and documenting Senior Management Functions (SMFs) across your firm to establish clear, compliant accountability lines.
Statement of Responsibilities (SoR) and Duty of Responsibility Compliance: Support in drafting and maintaining clear, FCA-compliant Statements of Responsibilities that outline each Senior Manager’s specific duties under the SMCR framework.
Certification Regime Implementation: Assistance with identifying roles subject to certification, assessing fitness and propriety and implementing an effective certification process to ensure qualified personnel.
Conduct Rules Training and Compliance: Customised training programs to educate employees on SMCR conduct rules, promoting awareness and alignment with regulatory expectations for integrity and professionalism.
Fit and Proper (F&P) Assessments and Record-Keeping: Support with conducting and documenting annual F&P assessments to ensure that certified staff and senior managers remain compliant, fit, and proper for their roles.
Governance and Oversight Frameworks: Development of governance structures, including management responsibility maps and oversight mechanisms, to enhance accountability and operational effectiveness.
Regulatory Reporting and Documentation: Assistance with SMCR-related reporting obligations and record-keeping to maintain transparency and demonstrate compliance to regulators.

Key Benefits

Our SMCR Compliance Support offers your firm several strategic advantages:

Enhanced Governance and Accountability: Clearer roles and responsibilities at the senior level, ensuring effective oversight and improved decision-making.
Risk Mitigation and Regulatory Confidence: Robust compliance with SMCR regulations, reducing exposure to regulatory fines and enhancing the firm’s reputation.
Employee Empowerment and Conduct Standards: Improved standards of conduct and accountability, promoting integrity and trust within the organisation.
Operational Efficiency and Reduced Administrative Burden: Our services streamline SMCR compliance processes, saving time and resources, allowing you to focus on core business functions.