KPMG Partner, David Yim, discusses the implications of the Senior Managers & Certification Regime (SMCR) on the asset management industry and what practical steps can be taken now.
The FCA announced in July 2017 that they were extending the Senior Managers and Certification Regime (SMCR) to all FSMA firms. The proposed regime will have broader implications on areas such as culture and Management Information which, from our experience, will take time to address.
Although it is not expected that the regime will be implemented until the end of 2018 / early 2019, there are a number of key actions that firms can take now to ensure these issues are addressed when the regime comes into force.
Watch our video as David Yim, Audit Partner and lead of KPMG’s Regulatory, Risk and Assurance services team, discusses the Senior Managers and Certification Regime and Tom Moore, Senior Manager in Banking, also highlights what three keys actions firms need to take now given his experience of implementing SMCR with banks in 2016.