25 years: Behavoural science & conduct
In the previous video, Roger discussed the Senior Managers regime (SMR) of conduct regulation. In this video, Roger focuses on the language used to set out responsibilities under SMR and outlines the numbering system that the Conduct and Prudential regulators use to identify which role carries which responsibility.
In the previous video, Roger discussed the Senior Managers regime (SMR) of conduct regulation. In this video, Roger focuses on the language used to set out responsibilities under SMR and outlines the numbering system that the Conduct and Prudential regulators use to identify which role carries which responsibility.
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12 mins 48 secs
An understanding of SMR requires a knowledge of its vocabulary. SMR terms are defined along with a brief overview of the numbering that is assigned to each senior manager position.
Key learning objectives:
Define key phrases used in SMF
Understand the numbering system of senior managers
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Senior management functions, or SMFs, are in the regulator's own words, “roles where the people doing them need to be approved by the FCA ”, as defined in the regulator’s Handbook. Broadly speaking, it’s one person, one distinct set of responsibilities which don’t overlap with anyone else’s.
Other Execs are SMF 3s, although for larger firms there are special SMF numbers for the committee Chairs of Risk, Audit, Remuneration and Nominations who are SMFs 10, 11, 12 and 13 respectively. The Chair of the Board meanwhile is SMF9.
You may now be thinking, what happened to the other high numbers? The Conduct regulator is very interested in two of the control functions closest to the reporting pipeline: that’s why the Head of Risk is SMF4 and the Head of Internal Audit, SMF5. Finally, the Head of Operations also gets a key role, as SMF24.
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