Senior Manager Regime – an in depth guide to fulfilling your SMF responsibilities

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This course is designed for individuals preparing to step up to an executive Senior Management Function role but is also suitable as refresher training for existing Senior Management Function ("SMF") holders.

The UK investment management sector is facing high levels of regulatory scrutiny. Consequently, for some it can be a daunting prospect to take on the individual regulatory accountability which comes with an SMF role.

This course is designed to reassure SMF candidates and existing SMFs by giving a thorough understanding of the extent of the regulatory responsibilities, the implications of those, and practical tools which can assist SMFs in ensuring those responsibilities are fulfilled effectively.

In this half day training we will work with delegates interactively on the following areas:

• Purpose and scope of the Senior Management Functions
• Prescribed Responsibilities and how these are allocated amongst SMF holders
• Importance of the Statement of Responsibilities and its limitations
• The FCA approval application and process
• Ongoing information requirements
• The applicable standards of conduct – fit and proper, Conduct Rules, statutory duty of responsibility and their relationship to directors' duties and collective board decision making
• Tone from the top – FCA expectations of SMFs as culture carriers
• Non-financial misconduct
• In depth look at the Senior Manager Conduct Rules
• Development and use of a tailored individual accountability framework as a tool to give SMFs comfort they are compliant
• Attestations
• The importance of handover procedures and how to use these effectively
• Lessons learned from published FCA and Tribunal decisions
• Scenario discussions

Key Learning Objectives

• Increase knowledge of the FCA's requirements and expectations for SMFs
• Learn practical tools to demonstrate compliance with the FCA's requirements
• Test your understanding through scenario discussions

9.30 Welcome and introduction

9.35 The basics – Senior Management Functions, Prescribed Responsibilities, Statement of Responsibilities

• Purpose and scope of the Senior Management Functions;
• Prescribed Responsibilities and how these are allocated amongst SMF holders;
• Importance of the Statement of Responsibilities and its limitations;
• The FCA approval application and process
• Ongoing information requirements

10.15 The standards of conduct

• Fit and proper;
• Conduct Rules;
• Statutory duty of responsibility;
• Directors' duties and collective board decision making;
• Tone from the top – FCA expectations of SMFs as culture carriers
• Non-financial misconduct

11-coffee break

11.20 The Senior Manager Conduct Rules in depth

• Analysis of the rules and their implications
• Discussion of scenarios

12 - Demonstrating Compliance

• Development and use of a tailored individual accountability framework;
• Attestations – what are they, when are they used, what is their significance?
• The importance of handover procedures and how to use these effectively;
• Lessons learned from published FCA and Tribunal decisions

12.20-12.30 Questions and closing remarks

12.30 Networking lunch

SMF applicants and aspiring SMF applications, existing SMF holders looking for a refresher and practical guide to fulfil their responsibilities, staff in internal control functions including Compliance, Risk and HR looking to understand better how to support senior managers discharge their responsibilities.

Angela Hayes

Angela is a financial services regulation expert with a main focus on investigations and enforcement defence but also with an advisory practice.   

Angela has more than 25 years’ experience advising clients across the spectrum of financial services - banks (investment and retail), asset managers and investment funds, securities brokers, wealth advisers, insurers, and listed companies. 

Angela has led many major regulatory investigation and defence projects, including coordinating cross-border multi-jurisdictional matters, involving the PRA, FCA, SFO, DOJ, SEC, NY DFS and other regulators in Europe and around the globe.  These cases have covered a wide range of issues but include complex market manipulation, investment and trading errors, transaction reporting, fraud and allegations of bribery and corruption.  Angela has also assisted many clients with internal investigations and dialogue with regulators, where the facts found have enabled clients to avoid regulatory enforcement action.  Most recently this has included issues raised by whistleblowers and culture/conduct issues.

Angela’s advisory practice includes conduct risk mitigation,  corporate governance and the senior manager and certification regime.

IA Member £395.00 +VAT

Non-Member £545.00 +VAT

Pay using a credit card online, or if you wish to be invoiced please email your full details to: Training@theia.org

PLEASE NOTE: Full payment for the course must be made prior to the course commencement date.

• Any cancellation must be made in writing.
• For all cancellation received 15-30 days prior to the course start date, 50% of the course fee is still payable.
• No refund is given for a cancellation made 14 days or less prior to the commencement of a course.
• Transferring from one course to another is treated as a cancellation.
• You can substitute one delegate for another at no additional cost. In this instance, please give two business days’ notice.

Hybrid Training Courses:

We will continue to monitor and follow government guidance regarding coronavirus (Covid-19) to ensure the safety of our team and our members. Please be advised some training courses could change from hybrid delivery (being held in-person and virtually) to solely virtual delivery, should government guidance require.

There are a limited number of in-person spaces available on this course and this will be allocated on a first come first served basis.