Get the free Senior Management Regime Statement of bb - FCA Handbook

Application number or IRN (for FCA/PRA use only) Senior Management Regime: Statement of Responsibilities This form applies to UK relevant authorized persons. It does not apply to incoming EEA relevant

How to fill out senior management regime statement

How to fill out senior management regime statement (SMCR)?

1. Start by understanding the purpose and requirements of the SMCR. The SMCR is a regulatory framework introduced by the Financial Conduct Authority (FCA) in the UK to ensure accountability and transparency in the financial services industry.
2. Identify the roles and individuals that fall within the scope of the SMCR. This includes senior managers, certified individuals, and staff performing specific functions known as "significant harm functions."
3. Review the Senior Management Functions (SMFs) and Certification Regime (CR) to determine the appropriate roles and individuals. SMFs are senior positions with significant responsibilities, while CR focuses on key personnel who may not hold senior positions but still have a significant impact on customers, markets, or the firm.
4. Gain a thorough understanding of the responsibilities, duties, and obligations associated with each SMF and CR role. This includes specific statements on how individuals are responsible for managing key risks and complying with relevant regulations.
5. Complete the SMCR forms and provide accurate and up-to-date information for each relevant individual. These forms may include personal details, regulatory references, a statement of responsibilities, and an assessment of fitness and propriety.
6. Ensure that the statement of responsibilities accurately reflects the key responsibilities of each individual within their specific role. This statement should be clear, concise, and easy to understand.
7. Consult with relevant individuals and departments within the organization to gather the necessary information and input for completing the SMCR forms. This may involve collaboration with HR, compliance, legal, and other departments.
8. Conduct a thorough review and verification of the completed SMCR forms to ensure accuracy and compliance with the FCA's requirements. This may involve cross-referencing the forms with internal policies, processes, and job descriptions.
9. Submit the completed SMCR forms to the FCA within the specified timeline and keep a record of the submission for future reference.

Who needs senior management regime statement?

1. Financial services firms operating in the UK, such as banks, building societies, credit unions, insurers, and investment firms, need to comply with the SMCR.
2. Senior managers within these firms, who hold SMF roles, are required to have a senior management regime statement. Examples of SMFs include chief executive officers, chief finance officers, compliance officers, risk managers, and heads of significant business units.
3. Certified individuals, who perform specific functions that could cause significant harm, also need to be included in the senior management regime statement. This includes individuals dealing with customer assets, the certification of investment advice, or the management of client money.

In summary, filling out the senior management regime statement involves understanding the requirements, identifying relevant roles and individuals, reviewing responsibilities, completing the necessary forms, and submitting them to the FCA. This process ensures compliance with regulatory obligations and promotes transparency and accountability within the financial services industry.

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What is senior management regime statement?

The senior management regime statement is a document that outlines how a firm's senior management is organized and how responsibilities are delegated.

Who is required to file senior management regime statement?

Certain regulated firms are required to file the senior management regime statement with the appropriate regulatory body.

How to fill out senior management regime statement?

The senior management regime statement can be filled out by providing information about the firm's senior management team, their roles and responsibilities, and how they interact with each other.

What is the purpose of senior management regime statement?

The purpose of the senior management regime statement is to ensure transparency and accountability in the management of regulated firms.

What information must be reported on senior management regime statement?

The senior management regime statement must include information about the firm's governance structure, senior management roles, and reporting lines.