Senior Managers and Certification Regime – Proposed Guidance on Statements of Responsibilities for FCA firms

The Financial Conduct Authority (“FCA”) is extending the Senior Managers and Certification Regime (“SM&CR”) to all FSMA authorised firms on 9 December 2019. Under the new regime, all senior managers must have a Statement of Responsibilities and additionally, firms that qualify as ‘enhanced firms’ under SM&CR must have a Statements of Responsibilities Map.

The FCA is currently consulting on guidance for FCA solo-regulated firms preparing for the SM&CR and has published proposed guidance to give such firms practical assistance and information on preparing Statements of Responsibilities and, for enhanced scope firms, Statements of Responsibilities Maps.

The FCA consultation is open until 10 December 2018.

 Although the SM&CR does not come into force until December 2019, firms should start to consider senior management roles and responsibilities of such persons.