The FCA has published proposals to extend the Senior Managers and Certification Regime (SMCR), which already applies to banks, to other financial services firms. The new rules, which are designed to make individuals more accountable for their actions, will affect insurance intermediaries and their employees.
We have prepared:
- a two page “at a glance” guide (click here) to the FCA’s proposals; and
- a more detailed briefing (click here) which considers the implications for insurance intermediaries and their employees of the FCA’s proposals.
Our experience from working with our banking and insurance clients suggests that projects to implement the SMCR should begin now rather than waiting for the outcome of this consultation. We have suggested some next steps for firms to be thinking about now
The FCA’s consultation ends on 3 November 2017. The new requirements are expected to apply from some time 2018.