The BVRLA has published a factsheet on the new Senior Managers and Certification Regime (SM&CR) to give an introduction to the regime.
From the 9 December 2019 the SM&CR will become enforceable for all FCA solo-regulated consumer credit firms. The SM&CR will replace the current Approved Persons Regime.
The new factsheet will help firms to understand how the regime works and most importantly give an insight into how it will apply to smaller businesses.
It’s important that BVRLA’s leasing broker members are planning now for the implementation of the SM&CR changes and how the new regime will affect their firm.
The regime does not require firms to change their governance structure or introduce new roles but aims to recognise the important part that senior managers play in ensuring the right culture and governance within firms, with a view to improving standards of conduct.
The factsheet includes guidance on the three main sections of the regime - Senior Managers, Certification and Conduct Rules. It also includes some worked examples of Statements of Responsibilities and practical application to a leasing broker business.
View the BVRLA’s SM&CR Factsheet
Information on the BVRLA’s SM&CR: are you ready? training course
