The Training Environment For Financial Services

Responsibilities of Senior Managers

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Outline & Objectives

Since assuming their powers in April 2013, the PRA and FCA have clearly signalled, and acted upon, their intention to subject managers in the most senior positions to a more intense and intrusive level of scrutiny. The regulator has now extended the Senior Managers & Certification Regime (SMCR) to cover all regulatd firms in some form. The consequences of failing to comply with the enhanced requirements are likely be damaging for the approved individual and highly disruptive for the organisation.

Accordingly, this focused event is specifically designed to help Senior Managers and Approved Persons holding Significant Influence Functions:

  • Make sure you are fully aware of your regulatory obligations, now and under the new Senior Manager Regime
  • Understand regulatory priorities and expectations, especially in key areas such as governance, risk management, culture and conduct risk
  • Consider how to maintain and demonstrate ongoing competence
  • Highlight and avoid common compliance pitfalls and problem areas
  • Know what to expect from regulatory interviews and visits

Who will benefit?

This event will be of value to individuals falling under the scope of the Approved Person or Senior Manager regimes or about to become so. It will also be of interest to those responsible for managing or supporting SIFs and Senior Managers. This programme is particularly useful ahead of a regulatory visit or as part of the induction for senior managers. (We offer an alternative course dealing specifically with the Senior Insurance Managers Regime: please contact us for further information.)


Topics may include but are not limited to:

The Regulatory Framework and Approach

  • The key regulatory requirements for Senior Managers and Approved Persons holding SIFs and what this means in practice
  • Developments under SMR and their implications

Responsibilities of Approved Persons

  • Principles and Code of Practice
  • Certification
  • Conduct
  • Fitness and Propriety
  • Competence

Risk systems and controls

  • Systems and controls in key areas
  • Risk management and what the regulators will be looking for
  • Key elements of good governance
  • Remuneration and risk
  • Common problem areas

Regulatory Hot Topics

  • Experiences under the PRA and FCA
  • Corporate Governance, Culture and TCF
  • Oversight and Controls - the responsibilities of Senior Managers and Approved Persons holding SIFs
  • What to expect from regulatory visits
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