Senior Managers and Certification Regime (SM&CR) | FCA Compliance | MEMA Consultants
The Financial Conduct Authority (FCA) introduced the Senior Managers and Certification Regime (SM&CR) in December 2019 to enhance accountability within FCA-regulated firms. This regime replaces the FCA's Approved Persons Regime, mandating firms to appoint Senior Management Functions (SMFs) and, if necessary, Certification Functions (CFs). SM&CR applies differently to Limited Scope, Core, and Enhanced firms, each with specific rules.
SMFs, typically the most senior individuals in a firm, must have Statements of Responsibility and meet fitness and propriety requirements, approved by the FCA. Certification Functions, assessed internally by firms, must be certified annually. All individuals within these roles must adhere to Conduct Rules, ensuring a high standard of individual behavior.
For more information, visit our page on the Senior Managers and Certification Regime.