The Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APR) for banks, building societies, credit unions and dual-regulated (FCA (Financial Conduct Authority) and PRA (Prudential Regulation Authority) regulated) investment firms in March 2016.
From 10 December 2018, the SM&CR will apply to all insurance and reinsurance firms regulated by the FCA and the PRA.
Part of the regulations mean that firms must create a Responsibility Map which documents the responsibilities and functions senior managers have been given so that the Regulator can track who is accountable for a given senior management function.
The Responsibilities Map feature within the LMS allows Administrators to set up, view, assign, accept and review Responsibilities. When you have completed the Map, you will be able to download it as a PDF.
To begin, you will enable the SMR feature and then choose from the Banking, Insurance or Other Financial Sectors regimes available. These regimes will help you to start assigning the Responsibilities within your Organisation.