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In Focus Consumer Credit


FCA extends SMCR range


The Financial Conduct Authority has spread the Senior Managers and Certification Regime to 47,000 firms


Jonathan Davidson Executive director of supervision – retail and authorisations, the Financial Conduct Authority


We have extended the Senior Managers and Certification Regime (SMCR) to around 47,000 firms from last month, including senior managers and certification staff in those firms. The SMCR already applies to the


banking and insurance sectors and this extension is a key step to creating a culture across financial services where individuals step forward and take accountability for their own actions and competence.


Greater individual accountability The SMCR encourages greater individual accountability and sets a new standard of personal conduct in financial services by: l Ensuring senior managers are accountable for conduct in their areas of responsibility. l Ensuring a minimum standard of behaviour for everybody working in the sector through our Five Conduct Rules. l Enhancing professionalism in the industry by requiring firms to certify that their staff are fit and proper.


Culture and governance The culture and governance of firms is a priority for us and should be for industry too.


We expect firms to embed healthy


It is about the principle of stepping up and taking accountability every day from here on, not just about ticking the box on implementation of the regime. So this is just the starting point for what firms need to do to live the spirit of the regime


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cultures as this will lead to better outcomes for consumers and markets. It should lead to a healthy and fulfilling


environment for employees in which diversity and inclusion is the norm. It should also lead to healthy and sustainable returns for businesses. The SMCR is an important way to ensure


that individuals take personal responsibility and it is a catalyst for driving cultural transformation. It is about the principle of stepping up and taking accountability every


www.CCRMagazine.com


Conclusion By December 2020 solo-regulated firms will need to ensure: l All relevant staff are trained on the Conduct Rules and how they apply to their roles. l All staff in certified roles are fit and proper to perform that role and are issued with a certificate. l They submit data to us for the directory of key people working in financial services. CCR


February 2020


day from here on, not just about ticking the box on implementation of the regime. So this is just the starting point for what firms need to do to live the spirit of the regime.


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