The Senior Managers and Certification Regime (SMCR) is a regulation implemented in the UK to improve culture, governance, and accountability within financial services firms for asset managers and wealth management. It applies to funds and investment managers by introducing a framework for individuals working in these firms, based on three key areas: personal responsibility, conduct rules, and certification.
Funds and investment managers must meet their regulatory requirements under SMCR by ensuring that senior managers are held accountable for their actions, that they comply with the Conduct Rules set out by the FCA, and that all staff members are certified as fit and proper to carry out their roles. Senior managers must also take responsibility for their decisions, demonstrate leadership skills, and be aware of any potential risks associated with their activities.
Appropriate systems of governance
In addition to this, funds and investment managers must ensure that they have appropriate systems of governance in place to monitor compliance with SMCR regulations. This includes having an effective risk management system which can identify any potential issues or breaches of the rules quickly. They should also ensure that there are clear lines of communication between senior management teams and other staff members so that any concerns or queries can be addressed promptly.
How we help funds and investment asset management teams meet their SMCR requirements
PeopleClear is the answer for asset managers and wealth management looking to meet their Senior Manager and Certification Regime requirements. PeopleClear provides a comprehensive tool for managing SMCR compliance, ensuring that users are notified appropriately when and how they should respond to regulatory changes. With PeopleClear, fund and investment managers can be sure that they are meeting all of their SMCR obligations, protecting consumers and strengthening markets.
From SMCR Software to diagnostic, training and consulting services, we’ve got you covered.
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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.