Thanks to a new eLearning course developed by the RQC Group, organisations registered with the SMCR (Senior Managers Certification Regime) are now able to complete an online course from just £30.
Regulated firms operating within insurance, invetsments and banking must complete the SMCR regime, which has now been deemed compulsory in order to continue trading. The original deadline of September 2020 has since been pushed back to 31st March 2021 due to COVID-19.
Both employees and their organisations will be able to complete the SMCR course online through the RQC Group website through 30 or 40-minute long courses. On completion, participants will then be able to receive a downloadable CPD-accredited course certification.
The SMCR was introduced in 2016 by the Financial Conduct Authority with the purpose to improve the regulations of financial institutions, such as banks. The regime serves to extend to over 60,000 financial entities in the UK.
The new regulation was initially introduced to increase the accountability of senior managers who offered advice or were processing large investments on behalf of their clients.
Following 2008’s financial crisis, where dramatic losses were suffered across the board, it soon became difficult to assign both accountability and responsibility. Many senior personnel instead hid behind their large organisations.
The SMCR works to overcome this by putting senior managements at the forefront of the regime, and further holding employees to be responsible for financial investments and transactions, especially those exposed to large risks.
Four important areas are covered by the SMCR Training Courses. Beginning with the SMCR Overview, applying to all levels within a financial institution. The course additionally covers the Senior Managers Regime, designed specifically to improve accountability at the top level. The Certification Regime requires certain employees to be vetted at least annually to ensure that they are fit and proper and following the right side of regulations. Finally, the SMCR Conduct Rules is a new introduced code of conduct, applying to all employees within the financial services industry.
The SMCR deadline is has been pushed back to 31st March 2021. From this point onwards, any regulated firms and their employees must be certified and approved by SMCR standards in order to continue operating in their field of banking, finance, credit, insurance and more.
The total market for SMCR in the UK is around 60,000 FCA-regulated firms – including senior managers and their employees across: