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How to implement and embed SMCR

Now SMCR is live, we examine how businesses can embed the scheme and make sure it’s the new business as usual

FS Focus Dec 19 image Tech So it’s day two after implementing the Senior Managers and Certification Regime (SMCR), now what? While some firms may have focused on rushing to deliver the artefacts required by the regulator for December 2019, a great many more are focusing on the important task of embedding the regime. We look at some of the actions solo-regulated firms might need to take, how to make it part of the employee lifecycle.

By December 2019 you should of course have trained your SMF and certified individuals but what of the rest of your staff who are somehow involved in the financial services activities of your firm? Before December 2020 you will need to train this population which includes nearly every employee apart from perhaps your receptionist or security guard on the conduct rules. Your staff will need help on how to apply the conduct rules (integrity, applying due skill, being open with the regulator, treating customers fairly and following market standards) to their specific roles. Scenario-based training tends to work particularly well for training on how to make judgements. Should any new SMFs be appointed and if there are new allocations to certified roles then you will need to think about their training needs too.