SM&CR Working Group
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SMCR clarifies who in a firm has responsibility for undertaking key tasks, and that they possess appropriate skills and qualifications. Senior individuals are now accountable for decisions they make and oversee. Managers can be held to account if a firm is responsible for bad behaviour and demonstrates misconduct which leads to consumer detriment.
Benefits to consumers
CONSUMERS CAN NOW BE AWARE THAT SENIOR MANAGERS WITHIN FIRMS ARE PERSONALLY ACCOUNTABLE UNDER THE FINANCIAL SERVICES MARKETS ACT
CONSUMERS CAN TAKE COMFORT THAT FIRMS ARE ADDRESSING NECESSARY SKILL SETS AND QUALIFICATIONS OF SENIOR MANAGEMENT
Benefits to industry
TISA INITIATIVES RELATED TO SMCR ARE DESIGNED TO FACILITATE BENEFICIAL CHANGE
THE FORUM SHARES BEST PRACTICE AT INDUSTRY EVENTS AND VIA THE TISA WEBSITE, HELPING FIRMS TO IMPROVE THEIR BEHAVIOURS AND CULTURE
Benefits to UK economy
TISA ACTS AS A CENTRE OF EXPERTISE AND HELPS FIRMS WITH REGULATION AND UPLIFT SENIOR MANAGEMENT PRACTICES LEADING TO INCREASED MARKET INTEGRITY
SM&CR Working Group
Go toSM&CR Technical Bulletins (MEMBER ONLY)
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Conduct Scenarios Concerning Senior Managers
The paper provide examples of situations where firms may need to consider if there has been a Conduct Rules breach or Fitness and Propriety concern for different types of staff under SM&CR.
Go toLiving Will Document Template
This template may be useful to Senior Managers in meeting their reasonable step to ensure an orderly transition though firms may have provided their own individual templates to complete.
Go toSenior Manager Readiness Checklist
This quick checklist provides Senior Managers with a list of key areas they should be aware of and taking action on to meet their requiremnents under SM&CR.
Go toSM&CR – Obligations on the individual through the employee lifecycle (BAU processes)
This document is intended to provide individuals with information and considerations applicable to them for BAU processes of the employee lifecycle.
Go toApproach to development of BAU best practice in relation to ‘reasonable steps’
A Guide has been drafted to help Senior Managers and firms develop ‘reasonable steps’ frameworks that are appropriate and proportionate for their size and structure
Go toSM&CR Outsource Considerations for Senior Managers
This paper is intended to be used by Senior Managers in relation to oversight of oursource arrangements.
Go toConduct Scenarios Concerning Senior Managers
The paper provide examples of situations where firms may need to consider if there has been a Conduct Rules breach or Fitness and Propriety concern for different types of staff under SM&CR.
Go toConduct Rules Training
This paper provides some useful hints and tips for firms to consider in their Conduct Rules training.
Go toConduct Rules Case Studies
This paper briefly considers whether the behavior and action described in 4 case studies would be considered a Conduct Rules breach.
Go toBehaviours and the Conduct Rules / Fitness & Propriety breaches
This paper provides examples of behaviours that may result in a Conduct Rules or Fitness and Propriety breach for different types of staff under SM&CR.
Go toSM&CR Ownership in BAU
We need to learn from the insights, best practices and common issues seen across the industry to ensure SM&CR is not lost within BAU when ownership is passed from the project to the business.
This document identifies 10 key areas of tension for SM&CR in BAU processing that need both upfront work and ongoing review.
Go toSM&CR – Obligations on the individual through the employee lifecycle (BAU processes)
This document is intended to provide individuals with information and considerations applicable to them for BAU processes of the employee lifecycle.
Go toSM&CR Culture Measurement Toolkit
A toolkit providing culture measurement tools for firms to modify and use as required to understand their current position and track progress towards any desired change or to view change as a result of the implementation of SM&CR.
Go toSM&CR Implementation Considerations
Key messages for firms going through SM&CR implementation from those who have survived the process.
Go toSM&CR Template Project Checklist & Outline Plan
A template project plan including all relevant areas of SM&CR for implementation including relevant dates for work planning to ensure readiness. This can be used and adapted as required by firms to use as their own project plan or to inform their SM&CR project.
Go toAreas of focus of the FCA in its Second Thematic Review – Certification Regime
In creating and implementing their own Certification Regime, considering BAU practices, firms may wish to consider the areas of focus of the FCA in its second thematic review.
Go toCreating and sustaining cultures of compliance (FCA)
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