Individual Senior Management Responsibilities under the SMCR - 30 October 2019

Date: 
30 October 2019 - 12:30pm - 2:30pm GMT
Type: 
Training (London)
Division: 
ACA Compliance (Europe)
Location: 
ACA Compliance (Europe) Limited 130 Jermyn Street London SW1Y 4UR
Cost: 
£299 + VAT

Course Overview:

The extension of the scope of the Senior Management and Certification Regime (SM&CR) to cover all FCA solo-regulated entities will cause many firms to consider carefully how they will meet the new regulatory requirements. A key element in this is to understand what is expected of individual senior managers and how SM&CR will impact on their activities on a daily basis. While conversion will not take place until December 2019 there is much preparation to be done and firms should act on the advice of the FCA and start preparing now to ensure they are compliant in time.

This concise course gives an overview of the new requirements and explores the practical implications for individual senior managers arising from the implementation of the SM&CR which they will need to address if they are to meet the new regime effectively.

Course Objectives:

Attendance at this course will provide you with:

  • The ability to recognise the principal features of the new arrangements, compared with the existing Approved Persons regime.
  • The ability to see how the new requirements may impact your own role and way of working.
  • The potential risks for individuals and possible mitigants
  • The opportunity to identify actions that you will need to take to achieve compliance with the new requirements.

Key topics:

  • Personal engagement with the regime and obligations under the Conduct Rules
  • Attesting to Statements of Responsibility and Prescribed Responsibilities
  • Staying fit and proper and keeping up to date
  • Leading a team and standing up for what’s right
  • Managing with skill, care and diligence
  • Securing a corporate culture which delivers Conduct Rule compliant behaviour
  • The challenges of implementing the certification regime
  • Dealing with disciplinary issues and severance
  • Understanding what are considered to be “reasonable steps” and the protections they afford
  • SM&CR in the broader context of corporate governance and the duties of directors

Course aimed at: Senior Managers, including Executive Directors, Non-Executive Directors and other Approved Persons and Material Risk Takers; Risk, Compliance and Internal Audit specialists; Human Resources and Learning and Development specialists.

This course can be delivered onsite or as an instructor lead course at a firm’s office.

Course Overview:

The ever-increasing focus by the Regulators on the accountability of Senior Management, particularly when things go wrong, emphasises how important it is for individuals in senior positions to have a clear understanding of what is expected of them. This succinct course is designed to assist Senior Management to have a full understanding of what they need to do to achieve compliance with two specific parts of the Rules.

Course Objectives:

  • The ability to demonstrate to the Regulator your understanding of the current Regulatory approach and the Senior Management/Significant influence responsibilities;
  • The knowledge you need to achieve and evidence compliance with those responsibilities;
  • The potential to identify actions that may need to be taken to address any gaps in compliance;
  • The ability to ensure that procedures are in place for risk identification, assessment and mitigation; and
  • Be aware of the actions the FCA can take if things go wrong.

Key topics:

  • The current Regulatory environment; The “Twin Peaks” approach to Regulation and Supervision
  • The link between the Regulator’s objectives in The Financial Services and Markets Act and Senior Management responsibilities
  • Apportionment and Oversight
  • The Principles for Businesses (PRIN)
  • Fitness and Propriety: The Fit and Proper test for Approved Persons
  • The Statements and Codes of Practice for Approved Persons (APER)
  • Examples of what can go wrong: Enforcement Notices against Firms and Individuals

Course aimed at: Individuals in significant influence roles

This course can be delivered onsite or as an instructor lead course at a firm’s office.

If you would like to discuss your training requirements in more detail please contact Graham Dix on +44 (0)20 7484 3987 or your usual ACA consultant.