The Senior Managers and Certification Regime (SMCR) is a regulation implemented by UK regulators in March 2016 to improve culture, governance, and accountability within financial services firms, including the insurance sector.
How SMCR applies to the insurance sector
SMCR applies to the insurance sector by requiring senior managers to take responsibility for their actions and be held accountable for any misconduct. Insurance firms must ensure that they have adequate systems and controls in place to meet their regulatory requirements under SMCR. This includes having a clear structure of responsibilities, ensuring that there are appropriate processes for managing conflicts of interest, and having effective risk management systems. Additionally, firms must have an effective process for assessing the fitness and propriety of staff members who perform certain roles.
Protect consumers and strengthen market integrity
By implementing SMCR, insurance firms can ensure that their employees are held accountable for their actions and that they are meeting all necessary regulatory requirements. This helps create a culture of trust between customers and insurers, as well as protecting both parties from potential misconduct or mismanagement.
We help the Insurance sector manage SMCR
PeopleClear SMCR is a comprehensive software solution that helps the insurance sector meet its Senior Manager and Certification Regime requirements. The SMCR is designed to protect consumers and strengthen market integrity by ensuring that firms have effective systems and controls in place. PeopleClear provides users with notifications on when and how they should respond to SMCR requirements, enabling them to stay compliant with the regulations. It also offers a range of features such as automated reporting, risk assessment tools, and training modules to help firms manage their SMCR obligations.
Further to our SMCR software solution, we also offer consultancy services to help you review and improve your processes, train your teams, and implement compliance and regulation best practices.
With PeopleClear, insurance companies can be sure that they are meeting all of their regulatory requirements and protecting their customers.
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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.