Navigating the SMCR Review Key Insights and Implications for Financial Firms.pdf

This presentation provides an overview of the recent review of the Senior Managers & Certification Regime (SMCR) initiated by the UK government and regulators. It covers the background and purpose of SMCR, key focus areas of the review, expected outcomes, and the implications for financial firms. With the submission deadline approaching, firms need to be aware of potential enhancements to the regime and prepare accordingly. MEMA Consultants can offer guidance and support to ensure compliance and readiness for upcoming changes.

1. Introduction to SMCR Review
Overview of the SMCR Review
Initiation of the review on 30 March 2023 by UK government and
regulators.
Purpose: Assess effectiveness, scope, and proportionality of the
SMCR.
Origin: Created in response to global financial crisis and LIBOR
scandal.

2. Background and Purpose of
SMCR
Background of the Senior Managers & Certification
Regime
Established to promote safety and soundness in
financial services.
Aims to hold Senior Managers accountable.
Expanded to include more financial institutions and
infrastructures.

3. Key Components of the Review
Focus Areas of the Review
Call for Evidence (HMT): Assessment,
international competitiveness, compliance
concerns, and scope.
Discussion Paper (FCA & PRA): Senior Managers
Regime, Certification Regime, and Conduct Rules.

4. Timeline and Expected
Outcomes
Review Timeline and Expected Enhancements
Likely outcomes: Targeted enhancements to the
authorisation process and proportionality.
Focus on feedback from industry stakeholders.

5. Implications for Firms and Next Steps
Preparing for the SMCR Review Outcomes
Importance of understanding potential impacts on your firm.
MEMA Consultants' role in providing guidance and support.
Contact MEMA for further assistance in navigating the changes.

6. CONTACT US
[email protected]
03301330811

Suite 1810, Unit 3a,34-35 Hatton Gardens, Holborn, EC1N 8DX
https://www.memaconsultants.com

7. THANK YOU