Completing Fit & Proper SMCR Assessments - Digging Into the Detail for FCA Authorised Firms

Introduction

Ensuring the fitness of your senior team is not only a regulatory requirement under the Senior Managers & Certification Regime (‘SM&CR’) but an essential component for business success.

Senior individuals with a lack of integrity can cause irreparable reputational damage to a business and bring regulatory scrutiny.

Additionally, individuals who are not fully competent harm performance of the firm and can have an adverse impact on achieving the desired culture.

This virtual classroom seminar reflects on the tools that can be used to protect the firm from regulatory action due to an individual’s behaviour or performance and how to prevent this in the first place thus safeguarding reputation.

The main tool is of course the fit and proper assessment; however, this is currently under-utilised by many firms.

The FCA’s recent feedback highlights the tick-box approach used by many, where the assessments are not actually providing new information to the firm, nor are they truly challenging the senior manager or certification staff member.

The session will dig into the detail of Fit & Proper Assessments to help you challenge those being assessed, improve performance and comply with FCA requirements.

It is suitable for any financial services professions operating anywhere in the UK or with a UK regulated firm and with responsibility for completing such assessments.

What You Will Learn

This live and interactive session will cover the following:

• SM&CR requirements
• FCA’s Requirements under FIT
• Identify assessment areas
• Understand the role of the Conduct Rules
• Comprehend the questions to ask
• Factoring in the Consumer Duty
• Using the assessments to improve performance

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.