The Senior Managers and Certification Regime (SMCR) is a set of regulations introduced by the UK regulators in 2016 to help improve culture, governance and accountability within financial services firms. This includes FinTech start-ups, which must meet certain regulatory requirements in order to be compliant with SMCR.
Appropriate systems and controls for FinTechs
FinTech start-ups need to ensure that they have appropriate systems and controls in place, as well as a clear framework for managing risk. They should also ensure that their senior managers are adequately trained and certified and that there is a clear process for reporting any misconduct or other issues. Additionally, they must ensure that their staff are aware of the rules and regulations governing the industry, such as anti-money laundering laws.
Building an HR and Compliance tech stack
With HR and compliance often being delivered by small teams or sometimes by one or two members of staff within fintech start-ups there are a few key technologies to consider. These include Human Resource Management Systems, payroll software, employee onboarding systems, time tracking software, and performance management systems. It’s important not to overlook RegTech solutions such as PeopleClear™ SMCR.
SMCR is an important regulation for all financial services firms including FinTech start-ups. By taking steps to comply with these regulations, FinTech start-ups can help protect themselves from potential risks while ensuring they remain compliant with the law.
We help FinTech start-ups manage their SMCR requirements
PeopleClear SMCR is a cloud-based software solution that helps FinTech start-ups meet their Senior Managers and Certification Regime requirements. Our SMCR software provides an automated, streamlined process for managing the SMCR requirements of FinTech start-ups. It enables you to quickly and easily create and maintain accurate records of your senior managers, as well as track and monitor their training, qualifications, and other information related to their roles.
Our RegTech also provides a comprehensive suite of reporting tools that allow FinTech start-ups to easily generate reports on their SMCR compliance status. This helps you stay compliant with the regulations and allows you to run a lean organisation.
With PeopleClear, FinTech start-ups can ensure they are meeting all of their SMCR requirements in an efficient and cost-effective manner.
Request a call back
In just a short call we can explain how we can review and enhance your SMCR processes. Whether it's consultancy, training or adoption of better software that will most benefit your organisation, it all starts with a conversation.