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    FCA Issues Guidance on SoRs and Responsibilities Map Under SM&CR

    March 08, 2019

    FCA published the final guidance (FG19/2), under Senior Managers and Certification Regime (SM&CR), to provide practical assistance and information to solo-regulated firms when preparing their Statements of Responsibilities (SoRs) and Responsibilities Maps. FCA also published summary of feedback received on the proposed guidance and has revised the proposed guidance following the feedback received. The consultation took place from October to December 2018.

    FG19/2 is developed for FCA solo-regulated firms, subject to the SM&CR. FG19/2 aims to help all FCA firms clearly set out Senior Managers’ responsibilities through SoRs. Enhanced firms will also be able to use it to produce Responsibilities Maps, which show how their firm is managed and governed. The guidance builds on the information published in the SM&CR Guide for solo-regulated firms.

    The guidance may also be of interest to the firms that are regulated by PRA (in addition to FCA) and are subject to the SM&CR. This is a general guidance, as defined in section 139B (5) of Financial Services and Markets Act, and is not binding. The guidance should be applied in a risk-based and proportionate way. This includes considering the size, nature, and complexity of the firm when deciding whether a certain example of good or poor practice is appropriate to its business.

     

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    Keywords: Europe, UK, Banking, Insurance, SM&CR, Responsibilities Map, FG19/2, Statement of Responsibilities, FCA

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