As the extension of the Senior Managers and Certification Regime (SM&CR) draws nearer, the FCA has published guidance for firms preparing statements of responsibilities and responsibilities maps.
https://www.fca.org.uk/publication/guidance-consultation/gc18-04.pdf
The guidelines should be applied in a risk-based and proportionate manner, taking in to account the size, nature and complexity of the firm.
The guidelines should be applied in a risk-based and proportionate manner, taking in to account the size, nature and complexity of the firm.
The Statement of Responsibilities is designed to clearly outline the responsibilities and accountabilities of each Senior Manager within a firm. It should contain sufficient information, without excessive detail and be a self-contained document. The FCA has set out relevant key questions for every section of the Statement of Responsibilities for firms to consider.
Firms are also required to maintain a responsibilities map to show how they are managed and governed. The questions cover those applicable to all firms and those specifically for firms in groups.
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