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Advisers ‘largely unprepared’ for SMCR

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Advisers are “largely unprepared” for the implementation of the Senior Managers and Certification Regime later this year, a compliance specialist in the industry has warned.

The SMCR regime has already rolled out to banks and insurance companies and after December 9 it will apply to all 47,000 companies the FCA regulates. But with just months before the deadline, Linda Gibson, director of regulatory change and compliance risk at BNY Mellon’s Pershing, has warned the advice industry remains largely unprepared.

Ms Gibson said: “With this regime, unlike others, there is no one-size-fits-all approach because it really does depend on the size and fit of the firm and how it is structured as to how the implementation will be conducted.

“We have the December deadline looming and the focus really should be on the senior managers, making sure you have identified them, that they are aware of the roles and responsibilities, and that they are trained.

https://www.ftadviser.com/regulation/2019/09/06/advisers-largely-unprepared-for-smcr/