Smaller Firms – In the shadows or under the spotlight?

Posted by Julie Pardy on May 26, 2020

I’ve heard it said before…  “The FCA have got bigger fish to fry, they aren’t going to be looking into how our business operates.  There are only 400 of us and we are not a fixed portfolio firm with a named supervisor. We think they have probably forgotten who we are since they authorised us…..”

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Topics: SM&CR

FCA – A transformation in the offing or just cosmetic change?

Posted by Julie Pardy on May 6, 2020

The FCA has recently published its business plan for 2020/21, setting out its strategic focus for the next three years.

As you might expect in the current climate, it’s shorter than usual, with a focus on potential market disruption caused by COVID-19, but still manages to convey key areas of concern.

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Topics: SM&CR

COVID-19, SM&CR and Regulatory flexibility!

Posted by Julie Pardy on May 5, 2020

Pandemic, Senior Manager Accountabilities and flexibility are not really a selection of words that anyone would have envisioned being joined together only a few months ago...

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Topics: SM&CR

The 5 reasons your senior manager will give you for doing nothing and how to overcome them

Posted by Carla Monson on December 10, 2019

For solo-regulated firms, the SM&CR implementation date has arrived.  We’re proud to have successfully prepared some of the UK’s best known financial brands for this impending regime.  What we have also discovered is that surprisingly, many firms are still not ready and there’s a surprising reason as to why. 

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Topics: SM&CR

Managing SM&CR in Recognise

Posted by Peter Griffiths on November 21, 2019

Part of the City of London Group (COLG), Recognise was formed to provide financial services to the UK SME sector and the retail and business deposits market. Recognise will target an under-served but growing business customer population seeking greater human contact, better speeds of response and execution, flexibility of structuring and continuity of management.

Whilst still in the process of gaining a banking licence from the regulator, Recognise are confident of being granted one. With that in mind, the exec team have been actively planning operational processes, including the implementation of SM&CR.

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Topics: SM&CR

The Do's & Don'ts of Delegation

Posted by Julie Pardy on October 28, 2019

CONCON 4.2 SC1: "You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively"

"You can delegate authority but you can not delegate responsibility"

Former U.S. Senator Byron Dorgan

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Topics: SM&CR

Interesting survey results on the industry’s readiness for SM&CR...

Posted by Carla Monson on October 3, 2019

We ran our first ever webinar on 30th September and this is what we learnt.

The webinar, ‘SM&CR the final countdown – 50 working days to go’, was co-hosted with TISA and focused on the major outstanding actions that firms should be focusing on ahead of ‘Day One’ on December 9th

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Topics: SM&CR

Employee Competence (or is that Knowledge & Competence or even Training & Competence?)

Posted by Julie Pardy on September 23, 2019

KNOWLEDGE – “Facts, information and skills acquired through experience or education.  The theoretical or practical understanding of a subject”

COMPETENCE - “The ability to do something successfully or efficiently”

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Topics: SM&CR

Rising to the challenge of the Certification Regime

Posted by Peter Griffiths on September 10, 2019

‘Final call for SM&CR’ – Are you sure your preparations are taking you in the right direction?

Read “Rising to the challenge of the Certification Regime”, by Julie Pardy to help ensure your SM&CR journey ends up at the right destination!

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Topics: SM&CR

FCA's SMCR Stocktake Report

Posted by Peter Griffiths on August 27, 2019

45 individuals interviewed across 15 Banking institutions

In what has been described by the FCA as an SM&CR “Stocktaking Report” in the Banking Sector, the most recent FCA publication gives us an insight into what they found across the sector.

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Topics: SM&CR

Five key questions you need to answer for yourself in readiness for the SM&CR regulation:

  • Do you understand the full implications of the new regime?
  • Have you considered the impact of the regime on your business and your staff?
  • Do you understand the impacts of embedding the regime into business as usual?
  • Does your organisation appreciate the value of future proofing your systems and processes?
  • Are  you confident in your existing systems and processes to deliver SM&CR compliance?

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