SMCR Framework
The Senior Managers and Certification Regime (SMCR) is relevant to all firms authorised and regulated by the Financial Conduct Authority. It aims to raise governance standards and increase individual accountability and conduct throughout the financial services industry. The rules for the SMCR regime can be found in the FCA handbook, including SYSC 23-27 AND sup 10C.
SMCR is an opportunity to establish healthy cultures and effective governance in firms by encouraging greater individual accountability and setting a new standard of personal conduct.
Improve individual accountability.
Drive to improve culture, governance and accountability.
Aim to deter misconduct.
Increase awareness of conduct issues across firms.
Conduct Rules
1.
You must act with integrity.
2.
You must act with due skill, care and dilligence.
3.
You must be open and cooperative with the FCA, the PRA and other regulators.
4.
You must pay due regard to the interests of customers and treat them fairly.
5.
You must observe proper standards of market conduct.
6.
You must act to deliver good outcomes for retail customers.
