SMCR for FCA-solo regulated firms

 

By extending the SMCR to all FSMA authorised firms, the FCA is changing the individual accountability regime for firms as diverse as large asset managers, mortgage providers and investment firms through to crowdfunding platforms, consumer credit firms and sole traders.

To take account of the differences in terms of size, complexity and potential impact on consumers or markets, the FCA has proposed a three tiered regime, which distinguishes between “core firms” which will be subject to a standard set of SMCR requirements; “enhanced firms” whose size, complexity and potential impact warrant the application of extra requirements, and “limited scope” firms which will be subject to a reduced set of requirements.

SMCR

 

Please see our Linklaters Insights for more information on the FCA's proposals. 

 

Extended SMCR publications
Consultation papers and discussion papers Policy statements
July 2020
 
FCA consultation paper (CP20/10) on extending implementation deadlines for the Certification Regime and Conduct Rules until 31 March 2021. 

 

Consultation closes on 14 August 2020

July 2020

PRA consultation paper (CP7/20) proposing minor amendments to forms relating to the SMCR.

 

Consultation closes on 13 October 2020

November 2019

FCA consultation paper (CP19/31) on extending the SMR to Benchmark Administrators
June 2020

FCA policy statement (PS20/5) on extending the SMR to benchmark administrators who do not undertake any other regulated activities.

January 2019

 

FCA consultation paper (CP19/4) on optimising the SMCR and feedback to DP16/4 (overall responsibility and the legal function)

July 2019

 

FCA policy statement (PS19/20) on optimising the SMCR – feedback to CP19/4 and final rules

October 2018

 

FCA (GC18/4): Proposed guidance on statements of responsibilities and responsibilities maps for FCA firms

March 2019

 

FCA (FG19/2): on statements of responsibilities and responsibilities maps for FCA firms

September 2018

 

FCA consultation paper (CP18/26) on how the FCA propose to apply the SMCR to claims management companies

 

March 2019

 

FCA policy statement (PS19/9) on applying the Senior Managers and Certification Regime to Claims Management Companies

 

July 2018

 

FCA consultation paper (CP18/19): Introducing the Directory

March 2019

 

FCA policy statement (PS19/7) on the Directory

December 2017 

 

FCA consultation paper (CP17/40) on individual accountability: Transitioning FCA firms and individuals to the SMCR

 

FCA consultation paper (CP17/42) on the duty of responsibility for insurers and FCA solo-regulated firms

 
July 2018

FCA policy statement (PS18/14): Extending the SMCR to FCA firms – feedback to CP17/25 and CP17/40, and near-final rules, with accompanying Guide for FCA solo-regulated firms

FCA policy statement (PS18/16) with final guidance on the duty of responsibility for insurers and FCA solo-regulated firms
 

November 2017

FCA consultation paper (CP17/37) on industry codes of conduct and discussion paper on extending the application of Principle 5 to unregulated markets and activities 

 

 

July 2018

FCA policy statement (PS18/18) on industry codes of conduct and discussion paper on FCA principle 5. Includes final criteria for recognising industry codes of conduct and guidance for individuals on meeting rule 5 of the Conduct Rules

July 2017
FCA consultation paper (CP17/25) on individual accountability: extending the SMCR to all FCA firms

July 2018

FCA policy statement (PS18/14): Extending the SMCR to FCA firms – feedback to CP17/25 and CP17/40, and near-final rules, with accompanying Guide for FCA solo-regulated firms