BLOG: Why Now Isn’t Time To Get Comfy Over Accountability
SMR and the Certification Regime have been here almost a month now, but if you think they don’t affect you think again…
For those who believe they are not currently affected by the SMR – don’t get too smug and comfortable.
That was the stark warning issued by financial services training specialists and our partners, FSTP, earlier this month as they reflected on the arrival of the new Senior Managers Regime (SMR) for Banks, Building Societies, Credit unions and Designated Investment Firms and SIMR for Solvency II Insurance firms in their ‘Executive Matters’ eNewsletter.
FSTP expanded on how the regulators are now all about individual responsibility and accountability and everybody across Financial Services needs to prepare. Conduct risk remains top of the regulators’ agenda and dovetails neatly into the new dawn of individual accountability.
The message? It’s on the way to you too, and it looks like it will hit earlier than you think.
You know the drill by now. This new regime is designed to encourage individuals to take greater responsibility for their actions, and for firms to take full responsibility for the fitness and propriety of their staff, underpinned by a new set of Conduct Rules which set out the required standards of behaviour.
It’s never been more important to have the correct systems, training and controls in place to ensure every relevant member of staff conforms to the requirements. Staff must be competent to undertake their roles and understand their individual responsibilities.
As FSTP have stressed, even if you don’t think it impacts you now, it won’t be long before it does.
This is why Unicorn has been busy developing a number of new eLearning titles in partnership with FSTP, which have been added to our ComplianceServe library. And you can check out four short introductory videos, also included with each of the new eLearning titles, to get a flavour of what you need to think about.
Meanwhile, if you want to know more about how ComplianceServe can help you meet your regulatory needs? Click here to visit the ComplianceServe mini-site.
Now here’s those vids…
Introduction To The New Banking Regime
The Certification Regime
Senior Managers Regime