FCA SMCR
FCA SMCR Quick Checklist and SMCR Requirements: SMCR Conduct Rules
A Quick Checklist For Businesses
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Have we planned, in good time, for all SMFs & CRs to receive training on the duty of responsibility, reasonable steps and the regulators’ guidance relative to them?
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What steps do we need to take to ensure our has the ability to provide and obtain regulatory references for SMCR certified person (SMF) and Certified roles?
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Have we mapped our business against the regulator’s handbook so that we are aware of the impacting changes and where/who will be affected?
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Are our record keeping facilities set-up to retain relevant documentation for at least six years after an individual leaves the business?
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Have we identified potential conduct risks and implemented controls or mitigation measures?
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Is our risk register up to date?
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How do the board get made aware of conduct issues? (They are responsible for ALL conduct)
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Have we prepared a formal and robust documentation of the firm’s governance arrangements into responsibilities maps and statements of responsibilities, setting out board and committee structures, roles, responsibilities & escalation lines?
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Have we mapped existing SIF approvals onto the new SMF framework, and identifying staff potentially subject to the Certification Regime.
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Are we ready to submit the new Form K?
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Have we trained our staff on the impending changes?
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Have we trained our staff on the Code of Conduct Rules/SMCR Conduct Rules?
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Would your SMCR preparations or current arrangements stand up to independent external scrutiny?
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Is our Conduct Policy up to date?
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Is our policy approved by the board?
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Do you need to review the ‘state of play’ within your firm?
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Do we need to have things checked by Compliance Consultant? (Hint: “Yes”)
If you need any help assessing, auditing or implementing the FCA SMCR Conduct Rules or Requirements, COme And Talk To The Specialists
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