Compliance service provider Bankhall has launched a new hub for directly authorised firms looking to navigate the incoming Senior Managers and Certification Regime.
The rules, which are set to be rolled out to advisers later this year, require senior managers within firms to have statements of responsibility to establish lines of accountability, while testiying the competence of more junior staff on a regular basis.
The Bankhall service will cover all FCA-regulated firms across pensions, investments, mortgages and protection, attempting to clarify which tiers of the regime firms fall under based on their size and structure, and then what actions firms may need to take as a result.
FCA shows IFAs how duties might be split under senior managers regime
The hub will offer practical examples of statements of responsibility, as well as videos and frequently asked question guides.
Bankhall group head of compliance Carl Wallis says: “We believe it’s important that firms start to prepare early for the regime to fully understand the impact on their businesses, which is why we have launched the hub now. We’re already working with firms on a one to one basis to help them understand what the regime means for their individual businesses.
“We know that larger firms, in particular, risk running out of time if they don’t engage and understand the work involved, as it’s likely to lead to fundamental discussions at a senior level in terms of governance structures and the boundaries of responsibility for each individual senior manager.”
