What’s happening?
Many firms are, apparently, not aware of the new assessment requirements on SM&CR Firms and their Senior Managers when it comes to the SM&CR Form A (both Long and Short versions of the Form). In both versions, there is a newly added section 6.03 requiring firms to provide details of their assessment of the Senior Manager (i.e. the applicant). The requested information must be provided for the Senior Manager when an SM&CR Form A is submitted to the FCA. This also includes internal hires.
In addition to the usual competency and capability questions, section 6.03 also requires firms to provide, together with the Form A, a range of supporting information and/or documentation, including the applicant’s Statement of Responsibilities and CV, the firm’s skills gap analysis of the applicant, the applicant’s induction programme and learning and development plan and how the assessment of competency for the specific senior management function was arrived at.
What do you need to do?
The additional requirements apply to all SM&CR firms (i.e. Limited scope, Core and Enhanced). Firms must appreciate the need to provide this information in full if their Senior Managers are to be approved.
How can we help you?
Our specialist team can provide effective guidance and assistance with any aspect of the SM&CR, including Senior Manager approval applications. To find out more, contact us at info@thistleinitiatives.co.uk or call now on 0207 436 0630.