Time to act now for success
Today the Financial Conduct Authority (FCA) published its highly-anticipated near final rules on the Senior Managers & Certification Regime (SMCR) for solo-regulated firms (PS18/14). As envisaged, no material revisions have been made to the proposals the FCA consulted on last year. In order to deliver the cultural, organisational and operational changes required by the implementation date of 10 December 2018 for insurers and 9 December 2019 for asset and wealth management firms should already be formulating their SMCR strategy and building their change programmes.
The aim of SMCR is to strengthen market integrity and prevent consumer harm by focusing on robust governance, increasing senior manager accountability and setting better conduct standards for staff at all levels. The regime has been live for banks and deposit takers since March 2016, and in July 2017 the FCA and Prudential Regulatory Authority consulted on extending it to all Financial Services Markets Authority (FSMA) regulated firms.
KPMG will be hosting a SMCR roundtable for insurers on 24th July 2018 and for wealth and asset managers on 31st July 2018. These roundtables provide our clients with the opportunity to share and discuss their views, questions and concerns under Chatham House rule. The insurer event will be attended by speakers from the FCA and PRA, and the wealth and asset management event will be attended by representatives from the FCA and the Investment Association, enabling us to provide clients with some practical insights and good implementation practices.
To sign up to these events please click on the appropriate link below:
For more information on SMCR, or if you would to meet our SMCR experts in person, please get in touch.