Governance

Senior Managers and Certification Regime (SM&CR)

On 10 December 2018, insurers became subject to the Senior Managers and Certification Regime (SM&CR), replacing the Senior Insurance Manager’s Regime. The purpose of the SM&CR is to reduce harm to consumers and strengthen market integrity by creating a system that enables firms and regulators to hold individuals accountable.

For an overview of the SM&CR including which financial services firms it applies to and future policy developments, see Practice Notes: SM&CR—one minute guide and SM&CR—policy development and key dates.

For more information on the SM&CR, see:

1. •

   SM&CR—essentials for insurers which outlines all components of the SM&CR as they relate to the insurance sector

2. •

   Certification Regime for SM&CR firms and Conduct Rules for SM&CR Firms which provides detail on the application of the Certification Regime and the Conduct Rules to SM&CR firms generally

3. •

   SM&CR—FCA and PRA Fitness and Propriety requirements which addresses the overlap between breaches of the SM&CRs Conduct Rules and fitness and propriety

4. •

   SM&CR—Statements of Responsibility (SoRs) which summarises the SoRs requirements, including the circumstances in which an SoRs must be filed and the information