The U.K. Senior Managers Regime: Prescribed Responsibilities, Statements of Responsibilities, “Fit and Proper” Determinations and Staff Certification

The U.K. Senior Managers and Certification Regime (SMCR) has applied to the banking sector since 2016. On December 9, 2019, the SMCR will be extended to include all firms regulated solely by the U.K. Financial Conduct Authority. A recent ACA Compliance (Europe) Ltd. (ACA) program provided an overview of the SMCR and a detailed look at senior managers’ prescribed responsibilities; statements of responsibility; “fit and proper” determinations; and staff certifications. The program featured ACA senior principal consultant Paul Henshaw, along with principal consultants Anthony Wells and Josie Cooper. This article highlights the key takeaways from the presentation. See “FCA Chief Executive Touts Senior Managers Regime and Remuneration Restrictions As Important Incentives to Promote Good Culture at Fund Managers” (Apr. 12, 2018); and “FCA Director Emphasizes Regulator’s Focus on Firm’s Culture of Compliance” (Jul. 21, 2016).

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