Understanding the SM&CR Regime

The session will give you an in-depth overview of the Senior Managers & Certification Regime (SM&CR) as applied to general insurance intermediaries. The course focuses upon the implications for “Core” organisations. To set the scene we will take a look at the background and context of why the SM&CR framework was developed and implemented. We will then explore the 3 main elements of SM&CR and their practical application and implications:1. The Senior Managers Regime – including Senior Management Functions (SMFs) and Prescribed Responsibilities (PRs)2. The Certification Regime – including Certification Functions3. The Conduct rules – and their application to almost all employees

-Understand the background of the SM&CR-Describe in general terms the main features of the SM&CR -Demonstrate an understanding of what the FCA expects of firms in order to comply with the requirements