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 December 2019 almost every firm regulated by the FCA will be subject to the SM&CR.
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.
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 can download it as a PDF. This is an important document that you can submit to the regulator.
To begin, you will enable the Responsibilities Map feature and then set your sector and firm type. This pre-filters the categories in your Map to help you to start assigning the Responsibilities within your Organisation.
See our Responsibilities Map webinar to see the full end-to-end process.