SANTA, mince pies and yo! ho! ho! might seem a long way off. But brokers need to make sure they can enjoy Christmas by acting early to meet the new FCA Senior Managers & Certification Regime (SM&CR).
From December 09, 2019, the SM&CR will replace the current Approved Persons Regime for SM&CR firms.
Complying with FCA SM&CR does not require a change in governance structure. There’s also no need to introduce new roles.
However, the key point is to recognise the role that senior managers play in ensuring correct governance and company culture.
The BVRLA says its Leasing Broker members need to be aware of how the new regime will affect their firm and what changes will be required, plus the timeframe for implementation.
What you need to do to be SM&CR ready
- Log in and download the Senior Managers and Certification Regime
Factsheet from the BVRLA website - Act on the information
- Enjoy your Christmas!
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
