The deadline for solo-regulated firms to implement the Senior Managers and Certification Regime (SMCR) is now just three weeks away (9th December 2019). SMCR increases the burden on firms to ensure that their people are “fit and proper” to carry out regulated functions and that high standards of conduct are upheld.
According to Michael Lewis, Partner, and Camilla Neate, Associate Director, at international law firm Osborne Clarke, although making employees more accountable for their conduct and competence is commendable, financial services companies must set the wheels in motion now if they are to meet this deadline. A collaboration between compliance and HR is critical to make execution effective as there is plenty of potential for conflict between FCA requirements and people’s rights. To read more please follow this link to the full article https://www.onrec.com/news/news-archive/compliance-and-hr-teams-must-work-together-to-get-ahead-of-smcr-deadline-and