This eLearning course provides a practical introduction to the Senior Managers and Certification Regime (SM&CR), the FCA framework designed to ensure that individuals in financial services are accountable for their conduct and the conduct of those they oversee. The regime applies across the financial services sector and places clear personal responsibilities on staff at all levels.
The course begins with an overview of the SM&CR, explaining why it was introduced, its objectives, and the three main populations it applies to — Senior Managers, Certification staff, and Conduct Rules staff. It establishes the central principle that senior individuals must be able to demonstrate that they have taken reasonable steps to meet their responsibilities.
Learners are then guided through the role of Senior Managers, including the concept of a Statement of Responsibilities and the requirement to have a Duty of Responsibility. The training explains the Senior Manager Conduct Rules, which sit on top of the Individual Conduct Rules and set higher expectations for those in senior positions, including the obligation to take reasonable steps to ensure the business complies with regulatory requirements.
The course covers the approval process, explaining how individuals performing Senior Management Functions must be approved by the FCA before taking up their role, the information that must be provided, and the fit and proper test. It then examines the Certification Regime, under which firms must certify annually that staff in certain roles — whose jobs could cause significant harm to the firm or its customers — are fit and proper.
Finally, the training sets out the Individual Conduct Rules that apply to everyone in a regulated firm, and explains how breaches of the Conduct Rules can lead to personal regulatory action. Upon completion, learners will understand how the SM&CR applies to them and the standards of conduct and accountability expected of them.
