The aim of the Senior Managers and Certification Regime (SM&CR) is to create individual accountability to encourage everyone, including staff to take personal responsibility for their actions. One of the main changes that the new regime requires is that all those involved in regulated activities will need to follow a Code of Conduct. Also, the majority of individuals who hold a Controlled Function will be converted over to the new Senior Manager Functions. As part of this anyone holding a SMF will need a Statement of Responsibilities.
At Ecompli, we have been carrying out training sessions on the SM&CR as part of this we produced the following guidance material to assist firms. We are also currently producing a manual and template Statement of Responsibilities that firms can use.