In this article we explain the steps to follow to fully utilise the Senior Managers & Certification Regime tools available to you in the Unicorn LMS.
Banks, building societies, credit unions, designated investment firms and UK branches of foreign banks have been subject to the SM&CR since 2016. In December 2018 the Regime extended to dual-regulated insurers and their managing agents. In December 2019, a further extension means that the Regime will apply to almost every firm regulated by the FCA. This includes all FSMA authorised firms from those that are very small and holding limited permissions (including sole traders and limited permission consumer credit firms) to some of the largest global firms. It also applies to branches of non-UK firms with permission to carry out regulated activities in the UK.
SM&CR will apply to all firms that are currently subject to the Approved Persons Regime (APR) which becomes redundant on 9 December.
The Unicorn LMS can help you manage the SM&CR for your organisation.
The Responsibilities Map tool supports with the easy planning, building and maintaining of Responsibilities Maps and individual Statements of Responsibility. The tool also has full auditing capability.
As part of the Certification Regime, you will need to assess the fitness and propriety of your staff to perform their roles. We have a number of tools within the LMS which can help you.
Follow these steps to create your Fit & Proper Assessment:
- Set up your data in the LMS
- Create a Form Template
- Create a Form Activity and attach a Certificate
- Assign your Users
There are additional tools within the LMS which can help to automate the completion of the Forms making the process more efficient and easy for your users as well as improving accuracy of the data.
Watch this video to see an overview of the process and steps you need to take to enable the Senior Management and Certification Regime tools in your LMS.
We've created a series of guides to support you with each step in the process.
Get started by reading Step 1 - Responsibilities Maps.