It’s just under three weeks until over 47,000 financial services companies come under the extension of the Senior Managers and Certification Regime (SMCR) on 9 December 2019.

The new regime means substantial new regulatory obligations for a large number of financial services staff.

If you or any of your colleagues are being asked to take on new responsibilities under SMCR, have a quick look through this seven point guide to help you prepare and ensure you’re getting a fair deal from your employer:

  • Check whether you should be asking for “directors & officers” insurance to pay for legal advice if you are subject to a regulatory investigation that stems from your new SMCR role. If you don’t have this insurance you could find yourself having to pay for independent legal advice out of your own pocket
  • Ask for a formal outline from your employer as to what your official duties will cover – get it in writing
  • Request details on any previous compliance problems that have occurred within your area and how these issues were resolved – that might give you a clue of what issues you may have to deal with in the future
  • Negotiate with your employer over what additional staff support you’ll be provided with to help you deal with your new responsibilities
  • Don’t be afraid to ask for additional training if you feel there are gaps in your knowledge over how you’ll deal with your new responsibilities
  • If the new role is very onerous consider asking for a salary increase to compensate
  • Get confirmation that your contract of employment will be varied so you have unrestricted access to documents and emails following the termination of your employment – you may need to see your Outlook diary once you’ve gone

You can face fines, suspensions and even a ban from financial services if you do not comply with SMCR rules and fail to take reasonable steps to avoid misconduct. It is essential for you to fully understand how the SMCR will impact you.

To find out more on this topic, please call us on 020 7618 2400.

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