ALL COURSES START AT 10AM and finish between 11AM and 12midday

June 16th	SMF16 COMPLIANCE DIRECTOR TRAINING
June 18th	M&A IN RETAIL FINANCIAL SERVICES - A GUIDE
June 25th	INTRODUCERS AND APPOINTED REPRESENTATIVES

Senior Managers Regime - part three

Written on 11/10/2019

Responsibility

Responsibility for the firmâ€™s performance of its obligations under the Senior Managers Regime (shared)
Responsibility for the firmâ€™s performance of its obligations under the employee certification regime (shared)
Financial Crime
COCON (Code of Conduct)
CASS (where applicable)

Delivery of Statement of Responsibilities

Responsibility for the firmâ€™s performance of its obligations under the SMR includes:

Assignment of correct SMFs
Production of SORs and correct allocation
Fitness and Proper Test for SMFs including Criminal Record checks and Regulatory references

Responsibility for the firmâ€™s performance of its obligations under the employee certification regime includes:

Ensuring staff have obtained a qualification
Are trained or are undergoing training
Ensuring they possess a level of competence
Production of certificates
Setting out what aspect of the firmâ€™s business they will be involved in

The bulk of Certification Functions are likely to be the â€œClient dealing functionâ€ which includes financial advisers, investment managers and people that are involved dealing in investments or corporate finance but can include anyone that supervises or manages a Certified Function but is not an Senior Manager (team leaders/sales managers perhaps in larger firms)

Senior Managers may also be advisers in which case they must be both be assessed under SMR and Certification.

Each Certification Function must be assessed if an individual carries out more than one.

You must identify every Certified Function on day 1 (09/12/2019) and you have 12 months to perform the certification and must evidence this properly.

Conduct Rules

These apply to Senior Managers, Certified Functions all other employees except:

Receptionists
Switchboard staff
Post room staff
Events Management
Security staff
HR administrators
Drivers
Data controllers
IT support staff
PAâ€™s/ secretaries

This is not all but possibly the most relevant that the FCA consider exempt.

Conduct Rules fall into two categories:

Individual

You must act with integrity
You must act with due care and diligence
You must be open and cooperate with the FCA, PRA and other regulators
You must pay due regard to customer interests and treat them fairly
You must observe proper standards of market conduct

SMR

SC1. Take reasonable steps to ensure that the business is controlled effectively
SC2. Take reasonable steps to ensure the business of the firm complies with any relevant standards and regulatory requirements
SC3. Take reasonable steps to ensure that any delegated responsibility is overseen and discharged responsibly
SC4. You must disclose and information appropriately that the FCA or PRA would reasonably expect you to.

Key Questions