SMCR and Individual Accountability
The SMCR, or Individual Accountability Regime, was introduced by the UK Parliament as a direct result of the UK regulators being unable to take action against any individual for the 2008 financial crisis. It comprises three regimes:
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the Senior Manager Regime
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the Certification Regime
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the Conduct Rules
We provide SMCR training courses for every stage of your SMCR journey, whether you are completely new to it or need a refresher, through to those taking on certain responsibilities, to those operating or overseeing the supporting processes.
There are training slide packs in our shop covering each of the three regimes with speaker notes. We can provide a train the trainer to help you deliver those courses - remember that the PRA and FCA expects your Senior Manager to deliver or at least play an active role in delivering your SMCR training.
Below are details of the suggested curriculum for our more popular SMCR training courses covering all of the PRA and FCA training requirements.
SMCR Training Courses
Suggested Course Content
Briefing for individual's taking on Senior Manager Function(s)
This is bespoke briefing for anyone about to take on a Senior Manager Function and any prescribed responsibilities
We suggest two sessions comprising:
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The Senior Manager Regime and your responsibilities within it
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How to succeed as a Senior Manager
Within these sessions we will provide very practical steps the individual can take to protect themselves, your interaction with other senior managers and governance forum.
We will discuss some of the steps you should take to protect yourself as you take on the responsibilities, meeting regulatory expectations through to handling certain situations that can arise.
Briefing for individual's taking on an FCA Certification Function
We provide two sessions for those taking on an FCA Certification Function for the first time or who already hold a Certification Function and are looking for a reminder of their responsibilities
We propose two sessions comprising:
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The Regime and your responsibilities
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How to succeed as an FCA Certification Function Holder
Within these sessions we will provide very practical steps the individual can take to protect themselves and their Senior Manager.
We will discuss what you need to do when you are first notified that you will be taking on a Certification Function, meeting regulatory expectations and how to handle certain situations that can arise.
Briefing for individual's starting under the Conduct Rules
This course is aimed that those moving under the Control Rules for the first time, or need a refresher
This course will cover:
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Why the rules are important
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Walk through of the Conduct Rules using case studies
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What happens if something goes wrong
SMCR for beginners
This SMCR course is for those who are relatively new to SMCR, or whose business has changed such that SMCR is becoming a more complex area to manage, as well as those who need a refresher.
This training usually covers:
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Introduction to the 3 regimes that make up the SMCR / Individual Accountability Regime:
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Senior Manager Regime
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Certification Regime
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Conduct Rules
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The regulatory requirements
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Key processes and templates
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The SMCR calendar
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Examples of breaches and how to manage breaches
The Individual Accountability Regime for support functions
This course is for those working in support areas such as Legal, Compliance, Monitoring, Audit who will need to monitor, support, advise or audit the business compliance with the IAR.
This training usually covers:
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What the regulator wants to achieve from the SMCR
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Key lessons learned from enforcement action
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The role of the three lines of defence
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What the regulator expects from support functions
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Top tips for scoping a SMCR monitoring review or audit
Looking for something specific?
Let us know and we can discuss tailoring a course just for you.
