Tag: SM&CR

FCA warns of reduced compliance while homeworking

FCA logo

THE FCA is warning brokers that recording telephone conversations and electronic communications must not stop, even during homeworking as a result of Lockdown 3.0. While the FCA acknowledges that the pandemic has changed significantly the way businesses must work, it says risks are heightened by unmonitored use of apps such as WhatsApp. It said in a recent newsletter to the market :…

BVRLA updates Senior Managers & Certification Regime Factsheet

BVRLA

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 focuses on the customer journey and oversight of staff and ARs

FCA compliance letter

IN a letter to all credit brokers, the Financial Conduct Authority (FCA) reiterated its focus on putting the customer central to broking operations.  It said that brokers should take action to de-risk their operations where there is the potential for customer harm (February 13, 2020). The communication from the FCA is part of the Senior Managers & Certification Regime says Joanne Davis,…

Five top tips to support SM&CR compliance

senior manager at a brokerage

THE BVRLA has issued some useful help and guidance for leasing brokers meeting the compliance terms required for the Senior Managers and Certification Regime (SM&CR). From January 2020, the BVRLA said it would be monitoring compliance as part of its broker audit programme. Five tips for SM&CR compliance 1 Stay up to date with FCA permissions If brokers have the incorrect Financial…

Brokers – get ready for Christmas. Now!

Broker as santa

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…