SMCR for Limited & Core UK Financial Services Firms
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SMCR for Limited & Core UK Financial Services Firms

Understanding the Limited and Core Firms Options
0.0 (0 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
2 students enrolled
Last updated 6/2019
English
English [Auto]
Current price: $59.99 Original price: $99.99 Discount: 40% off
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This course includes
  • 1.5 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Overview & journey to the SMCR
  • FCA SMCR Key Features
  • Senior Managers Regime - Explained
  • FCA Certification Regime
  • Conduct Rules - COCON
  • And More....
Requirements
  • UK FCA Registered Individual or Firm
Description

Why This Course?

Need a kick start to your SMCR project? well this course will equip you with everything you need to know and everything you need to do

The extension of the Senior Managers and Certification Regime (SM&CR) to investment firms in December 2019 represents a major overhaul of the way in which individuals working within financial services are regulated.

The new rules increase the number of employees who are subject to regulatory obligations, whilst significantly enhancing the accountability of those in senior management positions. They also impose potentially onerous obligations on firms, from the documentation of management responsibilities to the training of employees on the application of the Conduct Rules.

We have extensive experience in training senior managers and other staff who are subject to the SM&CR and we have developed a range of training solutions to suit a wide variety of requirements. You will also gain access to a 50% discount in our special offer promotion for a valuable aid to your implementation planning.

Run by a Chartered Fellow of the CISI and someone with years of experience in implementing the SMCR in the banking and insurance world, you will benefit from;

  • Leveraging the trainers experience with the banking roll-out; we look to unpick the lessons to be learnt for the SMCR extension to all regulated firms

  • Packed with practical exercises to focus on the identification of key employees and what you need to do in the lead in to SMCR

  • Conduct rules; what are they, what do they mean & why do they matter?

  • Walk away with a clear plan of your next steps for your SMCR implementation

The Course Objectives

  • Review and understand the history to the SMCR and where it came from

  • To know and understand the key employee categorisations within your firm, SMFs, CR, non-approved and ancillary

  • Be able to evaluate your SMFs; who are they and what they need to know

  • Analyse your CPs and define who will be in this category

  • Apply the conduct rules to your firm and your organisation

  • Review the breach process and how to apply within your firm, as well as when and why

  • Know who to train and what

  • Understand the need for accurate regulatory referencing under SMCR

  • Appreciate the need for accurate, effective and reflective governance and how you run your business.

In Summary

Originally rolled out to the banking sector in 2016, the Senior Managers and Certification Regime (SMCR) is about to be extended to around 47,000 additional firms.

Beginning with insurance companies, from December 2018, and reaching asset managers and other regulated firms in December 2019.

The Financial Conduct Authority (FCA) is tightening up its rules, replacing the current Approved Persons Regime with the Senior Managers and Certification Regime (SMCR). The regime has already been operating in the banking sector for some time and will this year extend to all within the financial services sector.

This change will affect all FCA regulated firms including non-UK firms with permission to carry out regulated activities in the UK, and it will focus on three key areas:

  1. The Senior Managers Regime

  2. The Certification Regime

  3. Conduct Rules

The implementation date has been set for the 9th December 2019

Target group

  • All staff within authorised firms will be in scope

  • Senior Manager Functions (SMFs)

  • Certified Persons (CPs)

  • Non-approved

  • Also strongly recommended for those who will be directly involved in the implementation; Compliance & HR.

Who this course is for:
  • UK FCA Sole Regulated Financial Services Firms
  • UK FCA Sole Regulated Financial Services Individuals
  • UK FCA Firm Compliance Directors
  • UK FCA Firm Risk Directors
  • UK FCA Firm Directors
  • UK FCA Firm Compliance Managers
Course content
Expand all 7 lectures 01:37:16
+ Introduction - SMCR 1 - 7 Part Course Limited - Core
1 lecture 08:24

On completion of this part of the course, you will understand

  • The history to the SMCR; the Parliamentary Commission for Banking Standards (PCBS) -

  • The Regulatory Reaction -

  • The Fair & Effective Markets Review -

  • The Road to Implementation -

  • Aims and Objectives of SMCR -

  • What is the SMCR, what does it mean and why does it matter.

Preview 08:24
+ Part 2 of 7
1 lecture 08:47

This is the second of seven parts and contains;

Key Regime Features

What Category Is Your Firm?

Firm Differences

Certification Staff

Preview 08:47
+ SMCR 3-7 Part Course Limited - Core
1 lecture 21:25

In this section we will cover the following points;

  • SMF categories -

  • Prescribed responsibilities -

  • Statement of responsibilities -

  • Management responsibility maps –

  • Handover Policy & Procedures

  • Duty of responsibility -

  • Reasonable steps.

SMCR 3 - 7 Part Course Limited - Core
21:25
+ SMCR 4-7 Part Course Limited - Core
1 lecture 12:47

In this section we will cover the following points;

  • Significant harm functions -

  • Fitness and Propriety checks -

  • Annual assessments -

  • Self-certification -

  • When to assess Fitness & Propriety -

  • Regulatory references.

SMCR 4 - 7 Part Course - Limited - Core
12:47
+ SMCR 5 -7 Part Course Limited - Core
1 lecture 20:11

This section is concerned with the Conduct Rules (COCON) and covers the following points

  • Individual conduct rules, what are they and how do they apply -

  • Tier 2 Conduct rules for SMFs -

  • Reasonable steps for SMFs -

  • Ancillary Roles.

SMCR 5 -7 Part Course Limited - Core
20:11
+ SMCR 6 - 7 Part Course Limited - Core
1 lecture 11:46

In this section we will cover the SMCR 

  • Breach Reporting

  • Key Forms

  • Key Dates

SMCR 6-7 Part Course Limited - Core
11:46
+ SMCR 7 - 7 Part Course - The Final Piece Limited - Core
1 lecture 13:56

In this, the final section, we will cover the following'

  • Training

  • Record Keeping

  • Timescales

  • Next Steps

  • SPECIAL OFFER

SMCR 7 -7 Part Course Limited - Core The Final Section
13:56