LEASING brokers should head towards the BVRLA website for its updated guidance on the Senior Managers & Compliance Regime (SM&CR).

The BVRLA says it has updated the factsheet to include the Policy Statement released by the FCA at the end of October. This was regarding extension of deadline dates and the new Conduct Rule breach reporting process.

SM&CR became enforceable for all FCA solo-regulated consumer creidt firms. It replaces the Approved Persons Regime.

Its aim is to improve governance and standards from the top down says the BVRLA.

Commenting on the importance of SM&CR, compliance expert Jo Davis from Auxillias said:

Firms should embrace the SM&CR as it is a way to establish a healthy culture and build effective governance in firms by encouraging greater individual accountability and setting a new standard of personal conduct. The SM&CR encourages a culture for staff at all levels to take personal responsibility for their actions whilst at the same time ensuring that firms and staff clearly understand and can demonstrate where responsibility lies. Installing a culture that the FCA has guided firms on, certainly promotes a much healthier working environment for everyone.

Joanne Davis, partner, Auxillias

Download the SM&CR Factsheet

Click here to access the BVRLA’s Senior Managers and Certification Factsheet

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