SMCR: 10 things insurance distributors need to know
Our briefing note highlights the top ten things that insurance distributors need to know about the proposed extension of the SMCR.
In this briefing note, we answer the following ten questions:
- When will the extended regime apply to FCA solo-regulated financial services firms?
- What are the main elements of the SMCR?
- Will there be different requirements for different types of FCA solo-regulated firm?
- How do I know whether my firm is a Core SMCR Firm or an Enhanced SMCR Firm?
- What are the differences between the extended SMCR regime and the current SMCR regime which already applies to banks/SIMR regime which already applies to insurers?
- How does the extended regime apply if my firm is structured as a partnership?
- Are there any specified Senior Manager positions which must be filled and/or specific responsibilities which must be allocated?
- What is the “Duty of Responsibility” for Senior Managers?
- What is the territorial applicability of the regime? What if my firm is a UK branch of an overseas firm?
- What should I do now?
For more information on the SMCR Extension please see our microsite
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