Due to be implemented in December 2019 for all FCA solo regulated firms, Senior Managers and Certification Regime (SM&CR) is changing how people working in financial services are regulated, making individuals more accountable for their conduct and competence.
For financial firms, this means a requirement to keep up-to-date records of all senior manager roles, documenting the responsibilities they perform as part of their designated senior management function. It also requires firms to conduct an annual assessment of each senior managers’ fitness and propriety, amongst other requirements.
Ensuring compliance with the SM&CR regime continues to be a pressing issue for many firms. SteelEye was launched to help firms comply smarterTM and provides clients with a centralised data platform for monitoring and managing Senior Manager Responsibilities and Roles. SteelEye is also equipped with automatic triggers and alerts to remind firms to define new roles and to address the requirement for an ongoing annual assessment of fitness and propriety of each senior manager.
To help firms comply with the Conduct Rules, SteelEye’s Trade and Communications Surveillance provide the tools to monitor business activity, respond to any suspicious activities in a timely manner and build bespoke reports to notify regulators about any disciplinary actions. To learn more about how SteelEye can help, book a demo!