We are now very close to the 9th of December and the implementation of the SMCR extension. During our recent webinar "Five key steps towards SMCR compliance", we asked the attendees how ready their organization is for the 9th of December.
According to a new survey by the British Insurance firm Ecclesiastical, nearly half of brokers aren’t even aware of the impending Senior Management and Certification Regime (SMCR), which takes effect on December 9, 2019. This is despite the fact that the SMCR has been extended to all insurance intermediaries and solo-regulated firms.
The Halloween Brexit deadline may have captured the media’s attention as it concerns the U.K. economy for now, but solo-regulated firms should also be concerned with another frightening date. That’s according to Juan Diego Martin, COO of Fonetic, in an opinion piece he authored for the publication Markets Media. Martin says firms are likely not giving the Dec. 9th Senior Managers and Certification Regime (SMCR) implementation deadline the attention it deserves.
When it comes to implementing the new Senior Managers and Certification Regime (SMCR), there are key lessons solo-regulated companies can learn from banks and insurers who’ve already done so. That’s according to Lorraine Mouat, associate director at TCC, who highlighted the top five mistakes companies might make in implementing SMCR in a recent Financial Times Adviser article.
UK Finance, Britain’s trade association for banks in the country, has published the financial industry’s first major appraisal of the Senior Managers and Certifications Regime(SMCR). The requirements under SMCR were introduced by the Financial Conduct Authority (FCA) in 2016 as part of regulatory reforms following the 2007-09 financial crisis.