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The Senior Managers and Certification Regime

The Senior Managers and Certification Regime

  • Global
  • United Kingdom
  • Consulting
  • Financial institutions

25-11-2015

The Senior Managers and Certification Regime – A focused assurance review at a fixed price

The start date for the new Senior Managers and Certification Regime (SM&CR), 7 March 2016, is rapidly approaching. One of the many activities that firms need to be thinking about is making a start on the grandfathering process and providing the PRA and FCA with initial responsibility maps and statements of responsibilities.

The period in the run up to the start of the SM&CR is, therefore likely to be a very busy and challenging time, not least because HMT has announced some changes to the regime at this late stage.

Eversheds is working with a number of firms assisting and providing assurance on their activity and progress in preparation for the SM&CR. Our multi-disciplinary team, including leading regulatory and employment lawyers and specialist financial services regulatory consultants, is able to provide expert advice, guidance and assurance on the changes required to comply with the new regime.

We have designed a short, high level assurance review programme focused on providing firms with an experienced external view on their SM&CR programme. This service is available for a fixed price and includes:

• an appraisal of senior manager role mapping to the new regime

• an appraisal of the firm’s responsibilities map

• a review of a sample of the firm’s senior manager’s statements of responsibility

• a review of a sample of draft grandfathering forms

The review would encompass time on site with two of our experienced consultants discussing the firm’s position with key staff and reviewing core documentation plus appropriate time offsite completing any documentation reviews necessary and producing an exception report and recommendations. You are of course able to tailor the review to meet your precise requirements and we would agree at fixed price and timescale at outset.

Eversheds Consulting can also provide assistance in a variety of other areas linked to the SM&CR including systems and control reviews, handover policy reviews, reviews of committee terms of reference, role profile reviews, assistance with certification and conduct rules processes and application as well as bespoke training.

 

For more information contact

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