Rohan MathawanSenior managers operating in the regulated finance industry in the UK are now able to access online e-learning training courses for SMCR (Senior Managers and Compliance Regime).
The pandemic has seen many regulated firms suffering a slowdown, so it is certainly important that those still working remotely are able to become fully trained with the latest Financial Conduct Authority (FCA) compliance practices and requirements.
SMCR Compliance, a newly introduced e-learning platform, has created a series of four interactive CPD-accredited e-learning courses, starting from just £36 per course.
The SMCR was initially introduced in 2016 for only a small, limited number of financial institutions, such as banks. In December 2019, it was extended to cover nearly 60,000 FCA regulated entities. This new regulation emerged following the 2008 financial crisis, where both firms and individuals suffered huge losses. Regulators were unable to hold parties accountable.
Thus, accountability now stands at the forefront of the new regime. The SMCR is designed to hold senior managers and their staff responsible for all financial investments and transactions, especially in situations where they are exposed to large risks.
Compliance and senior managers of particular FCA-regulated organisations can follow the training courses which cover:
- SMCR Overview
- SMC Senior Manager’s Regime
- SMCR Certification Regime
- SMCR Conduct Rules
All e-learning courses can be streamed online, meaning that they can be watched, as well as paused at the viewer’s convenience. The course will be followed by a set of questions used to assess their understanding and knowledge of the content.
Once the course is completed, users will be issued with a downloadable CPD-accredited course certification upon completion.
The SMCR regime is applicable to all levels of roles within a financial institution, or firm providing financial services. It is particularly designed however to improve accountability at the top level. Key employees will be required to be vetted at least annually to ensure that they are staying on the correct side of regulation.