How Actus can ease the pain of SM&CR Compliance

The ability to demonstrate SM&CR compliance is now a top priority for those Financial Services firms that fall under the extended regime. Banks have had to do this for some time but the FCA have just published their near final rules in policy PS18/14, having finished consultation on CP17/25 and CP17/40. Following the Bank of England and Financial Services Act 2016, as expected, the regime is now being extended to Insurance Firms; Pensions Providers; Wealth and Asset Management and even IFA’s. The deadline is soon with many experts suggesting that solutions need to be in place by December 2018 if firms are to be ready to be audited confidently by the deadline of December 2019.

SM&CR or the Senior Managers & Certification Regime replaces the current Approved Persons Regime, changing how individuals working in financial services are regulated. The aim of the new SM&CR is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their conduct and competence.

As part of this, the SM&CR aims to:

  • encourage a culture of staff at all levels taking personal responsibility for their actions
  • make sure firms and staff clearly understand and can demonstrate where responsibility lies

You can read more on the background to this and check whether your firm is likely to be classified as Limited; Core or Enhanced by reading our blog on this subject: Understanding the new SM&CR requirements:

How can Actus SMCR help?

Actus SMCR provides a “Ready To Go” SM&CR solution that is proportionate to your requirements whether you have been classified as a Core; Limited or Enhanced Firm under the regime. You can access our pre-defined SM&CR templates quickly and easily or we can work with your and/or your partners to provide a personalised solution. There are three Actus Comply options available to you:

  • Actus Essential SM&CR – A pure SMR assignment, tracking and reporting tool appropriate to your classification
  • Actus Absolute SM&CR All of the above, plus Certification; Conduct and Development CPD just for Senior Managers or the whole firm
  • Actus SM&CR; Performance & Talent – A fully integrated SM&CR solution as well as full performance management and feedback functionality providing a ‘One Stop Shop’ for all your SM&CR, Performance & Talent Management requirements.

The purpose-built Actus SM&CR module was designed in partnership with some of our clients in the financial services industry to specifically meet the needs of the Senior Managers & Certification Regime providing the accountability, visibility and reporting that is required to ensure that regulatory compliance can be demonstrated with confidence.

SMR & SORS Compliance

  • Allocation and mapping of SMR roles and statement of responsibilities (SORS)
  • Ability to delegate and track associated responsibilities without abdication
  • Configure and allocate additional regulatory responsibilities e.g. committee memberships
  • Freedom to set up and manage additional projects and responsibilities

Certification Management

  • Freedom to integrate conduct and competence sign-off into the annual appraisal
  • Recording of role-specific training and qualifications with automated alerts of expiry
  • Continuous Professional Development (CPD) tracking and reporting
  • Gather feedback and attach supporting evidence throughout the year against the employee record

Real-time Certification & Auditing

  • Appropriate Controls and Measures with FCA ready reporting
  • Automatic compliance validation
  • Breach recording and management
  • Automated certificate production and storage
  • Real-time responsibilities map and audit trail

Actus Compliance Software

Actus Comply is unique because it can be used as a standalone SM&CR solution or integrated within Actus Performance & Talent Management Software. This removes the need to run separate appraisal and certification processes and provides increased value and uptake for both.

Although designed to specifically meet the needs of SM&CR, this module can also be successfully applied to meet other role specific regulatory requirements such as ISO; Health & Safety and other Industry specific qualifications.