Preparing your Board for SM&CR

SM&CR requirements for Banks has now been delivered and firms are now feeling the implications. Feedback from the regulators has demonstrated that a lot can be learned from mistakes and lack of application to the process. The regulators have confirmed that the rest of the industry will be subject to the Senior Managers and Certification Regime by 9th December 2019.

Holding individuals to account is a key component of effective regulation. The FCA envisage the Senior Managers Regime (SMR) and the Certification Regime (CR) will address the lack of trust in the Financial Services Sector following the 2008-2009 financial crisis.

The focus on the behaviour and competence of individuals who hold positions of responsibility, which could cause client, industry and market detriment has never been more intense. Individuals in positions of influence who have never held approved person status before will now be held accountable for their decision and actions.

The Regulators will look at how firms are applying the new requirements for:

• The Senior Managers Regime
• The Certification Regime
• The New Conduct Rules
• Fit and Proper Assessment

Key Learning Objectives:

• Understand how SM&CR will affect Asset Management firms
• Be aware of the impact of the new accountability framework on Senior Managers
• Clarify who will be covered by the Certification Regime
• Confirm how Fitness and Propriety needs to be addressed
• Know the code of conduct and how Tier 1 & Tier 2 will impact staff

13:00 Registration and networking lunch

• A sandwich lunch will be provided and an opportunity for you to network with the trainer and other delegates

13:30 The Background to the Requirements

• Introduction and objectives for the session
• Who and what is affected and why?
• Closer look at Asset Management key functions that are likely to be included

14:00 The Senior Managers Regime

• The implications to the current Controlled Function population and others
• The Prescribed responsibilities
• The Responsibilities Map
• The Handover

14:45 The Certification Regime

• Individuals affected
• Key Implications
• The Directory
• Exercise to identify possible “outliers” of who will be in scope

15:30 Short Break

15:45 Review previous exercise

16:00 Fit and Proper

• Fit and Proper standards
• The implications of failing Fit and Proper standards
• How will you test competence and capability
• Exercise to identify current activities which evidence competence today
• Notifying the regulator

16:30 The New Conduct Rules

• Who’s affected – the wider population?
• Change in practice and terminology
• Training required

17:00 Other considerations

• Suggested Implementation plan Questions Closing conclusions

17:30 Course end

Senior Managers who are leading the Accountability II project

Project Managers for Accountability II and supporting Compliance

Richard Galley
Richard worked for Bupa for over 20 years until 2011, where his career spanned a diverse range of senior management roles covering customer service, business operations, commercial strategy / policy development, risk management and regulatory compliance – alongside the ‘day-job’ I was also heavily involved in leadership development, coaching and mentoring.

He has a long-held interest in the subject of cultural evolution within organisations and its link to the concept of ‘holistic compliance’, where personal accountability and the objective of ‘doing the right things right’ should be at the heart of the ethical values and behaviours exhibited from head to toe of a business’s hierarchy – not always easy to achieve, but well worth the effort when it is! Clearly this is a subject that our regulators are also keenly interested in, given their focus on the effective management of conduct risk and the drive towards setting and achieving high ethical standards – all of which go towards underpinning the rationale for SM&CR.

IA Member £375.00 +VAT
Non-Member £450.00 +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.