SM&CR Accountability Regime
United Kingdom
2016
Consumer Protection
Overview
Key Obligations
- Assign defined responsibilities to Senior Managers
- Maintain Statements of Responsibilities and a Responsibilities Map
- Certify relevant staff annually for fitness and propriety
- Train staff on Conduct Rules and track compliance
- Notify the FCA of breaches or role changes
- Keep regulatory references for hiring decisions
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Related Regulations
FAQ
What is the main purpose of SM&CR?
To ensure clear accountability and raise conduct standards within regulated firms.
Who must comply with the Conduct Rules?
The rules apply to most employees working in authorized firms, not just senior staff.
What are Statements of Responsibilities?
Documents that define the specific duties assigned to each Senior Manager.
How does certification work under SM&CR?
Firms must certify employees in key roles annually, confirming their fitness and propriety.