Senior Management Responsibilities & the SM&CR
Overview
Holders of Senior Management Functions (SMFs) within authorised firms have specific responsibilities under the regulatory regime. It is vital that individual Senior Managers understand the obligations that apply to their firm, and to them personally, and the potential implications of breaching FCA and PRA rules, including their personal liability.
These responsibilities have been heightened by the implementation of the Senior Managers & Certification Regime (SM&CR). This course considers the impact of the SM&CR, including the Conduct Rules, and explores the important concept of ‘reasonable steps’. As such, the course could be used to meet the regulatory requirement for training managers in the rules, and in their application.
The course also outlines the obligations set out in the 'Senior Management Arrangements, Systems & Controls' (SYSC) sourcebook of the FCA Handbook. It explains the principal obligations under SYSC and explores the steps individual senior managers need to take to ensure that their firms meet the regulatory requirements.
It also explores the impact of the FCA’s new Consumer Duty.
Who is this for?
This course is designed for holders of Senior Management Functions (SMFs) in authorised firms, and those who advise them on their regulatory obligations. It is particularly suitable for those taking on such a role for the first time.
This could include:
- Chief Executives
- Directors
- Non-Executive Directors
- Senior Managers
- Compliance Officers
Learning Outcomes
After attending this course, participants will:
- Work to the principal responsibilities of Senior Management Function (SMF) holders under the regulatory regime
- Understand the impact of the SM&CR
- Describe the Conduct Rules, and have considered how they apply to their role
- Know the main purposes of the SYSC sourcebook and where it fits in the FCA Handbook
- Identify the potential implications of a breach of regulatory obligations
Course Details
- Regulatory Framework
- SMCR & the Conduct Rules
- Enforcement Action
- Overview of SYSC:
- Corporate Governance
- Compliance
- Risk Management
- Outsourcing
- Conflicts of Interest
Delivery
Have the flexibility to deliver your In-House training in-person by one of our trainers at your premises, or virtually via Zoom, Teams or Webex.
Find out more about your Virtual or In-Person training experience below.
Virtual Delivery
Our virtual training courses are designed to be every bit as engaging as our in-person courses. To achieve this, our trainers use market-leading technology and a range of training techniques to ensure high levels of interaction with participants. Courses include the use of:
- Virtual ‘break-out’ rooms: participants are divided into virtual rooms to facilitate small group discussion.
- Polling: multiple-choice questions, answered anonymously, allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to highlight the practical application of theoretical knowledge.
- Messaging: participants can submit questions and comments, either to the whole group or privately to the trainer.
Additional Benefits:
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Recording: public course participants have the option to access a recording of the course for one month after the course. In-House clients also have the option to record their training for an additional fee.
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On-going Q&A: public course participants can access an ongoing Q&A facility allowing them to ask questions relating to the course.
In-Person Delivery
Our in-person training is delivered face to face at your offices, and includes:
- ‘In-the-moment’ questions & discussions: questions through conversations allow the trainer to assess knowledge and understanding across the group.
- Case studies: true to life case studies and scenarios are used to explore practical application of theoretical knowledge.
- Q&A: participants can ask questions during training, either to the whole group or privately to the trainer.