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Supporting and Challenging


The Senior


Managers’ Regime aims to clearly define lines of responsibility within all relevant firms…


How regulatory change will impact recruitment for the financial services industry


The 7th of March 2016 will be significant, as it is the date for the implementation of the Senior Managers’ and Certification Regimes (SMCR), and the Conduct Rules. Andy Bennett, Head of Regulatory Training at Fitch Learning reflects on how this will impact the financial services industry and how they recruit.


events, that led to the recent financial crisis. Banks, building societies and insurance companies are included within this regime from the March 2016 implementation date. The regime will be extended to include others such as asset management firms by 2018.


T 20 Graduate Recruiter | www.agr.org.uk


he SMCR is a reaction to the events, and specifically individuals’ roles within those


In terms of recruitment, it will be the firms’ responsibility (not the regulators’) to assess that their employees are fit and proper to conduct their roles. There will also be a need for tougher requirements on regulatory references.


The Senior Managers’ Regime aims to clearly define lines of responsibility within all relevant firms. The senior


managers will be expected to motivate those that they manage to behave appropriately for the firm and for the firm’s customers. The identification of senior managers and the mapping of their responsibilities to statements of responsibility, will be reaching completion in advance of the 7th March 2016 implementation deadline.


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