SM&CR – Timelines & Component Parts (Solo Regulated) | Worksmart

Julie Pardy

Julie Pardy

With more than 30 years service in the Financial Services industry Julie has spent many years at the coal face undertaking a wide variety of roles in banking from Compliance to Sales, Operations to Training.

This Blog seeks to introduce you to planning for the implementation of the Senior Managers and Certification Regime (SM&CR) and is a continuation of the last Blog where we looked at this subject with regard to Insurers.  The purpose of this blog is to discuss the timings for implementation that affect Solo Regulated Firms and to give you some tips on preparing for implementation.

Solo Regulated Firms

If we look at Solo Regulated Firms and their implementation timelines, we know now that HM Treasury have set the date for Solo Regulated Firms to be subject to SM&CR by the 9th December 2019. As per Insurers, exactly the same process but with slightly different timelines.

  • Make sure your Senior Managers and your certified staff are trained in how the Tier One and Tier Two Conduct Rules apply to them at the start of the regime
  • You have one year, from the start of the regime, to certify your people and to train your wider staff on the Conduct Rules

Remember: The Conduct Rules training should be ‘role relevant’ so if you have large communities you may need to consider how you will make that happen. When firms are thinking about what they need to do and how this can be achieved, you need to think about how you are going to train your staff in the relevance, not only of the Conduct Rules but the relevance of the Conduct Rules to your organisation and to the role that an individual fulfils.


Click below to view Julie’s accompanying video presentations:

‘SM&CR – A Practical Insight – The Timings and Implementation Tasks – Part One and Two’

Part One – Timelines and Component Parts…

Part Two – Project Tasks & Useful Tips…

Look out for the next Blog in our latest series, ‘SM&CR – Project tasks and useful tips – Resourcing your project’ – Coming soon!


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5 Great Strategies for Successfully Implementing SM&CR in your Organisation


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