GC18/4: Senior Managers and Certification Regime – Proposed guidance on statements of responsibilities for FCA firms

Open consultation: GC18/4
Consultation closed

We’re consulting on guidance for FCA solo-regulated firms preparing for the Senior Managers and Certification Regime (SM&CR).

Show GC18/4 (PDF)

We’re extending the SM&CR to all FSMA authorised firms on 9 December 2019. The extended regime will help make it clear who has ultimate and overall responsibility for each business area.

Under the SM&CR, all Senior Managers must have a Statement of Responsibilities (SoR). In addition, all enhanced firms must have a Responsibilities Map.

Proposed Guidance

The guidance aims to give practical assistance and information to firms preparing SoRs and Responsibilities Maps.

The proposed guidance builds on the information we published in the Guides to the SM&CR for solo-regulated firms. The guidance aims to help all FCA firms clearly set out Senior Managers’ responsibilities through SoRs. ‘Enhanced’ firms will also be able to use it to produce Responsibilities Maps which show how their firm is managed and governed.

Who this applies to

This guidance is primarily for FCA solo-regulated firms, subject to the SM&CR.

The guidance may also be of interest to firms regulated by the PRA and FCA, subject to the SM&CR. For example, dual-regulated insurers, banks, building societies and credit unions. You may find this guidance useful when preparing new Statements of Responsibility and Responsibilities maps, or reviewing existing ones.

What you need to do

Please send us your comments by 10 December 2018.

You can send your response in the following ways:

We make all responses to formal consultations available for public inspection unless the respondent requests otherwise. We will not regard a standard confidentiality statement in an email message as a request for non-disclosure.

Next steps

We will carefully consider your feedback to this consultation and plan to issue a response in the winter.