Extending the Senior Managers and Certification Regime (SMCR) to General Insurance - Searchlight Insurance Training

Extending the Senior Managers and Certification Regime (SMCR) to General Insurance

HM Treasury is set to extend the Senior Managers and Certification Regime (SM&CR) across the entire UK Financial Services sector in 2018. This includes all insurers covered by the existing Senior Insurance Managers Regime (SIMR) and all non-SIMR firms who are currently required to comply with the requirements of the Approved Persons regime.

There are significant differences between SIMR and SM&CR, particularly in relation to the Certification Regime, the application of Conduct Rules and the statutory duty of responsibility for senior managers. So, even those firms who have successfully implemented SIMR will need to pay close attention to the additional requirements demanded by SM&CR. Similarly, those firms that are currently bound into the Approved Persons regime will also have to assess and amend their arrangements in line with SM&CR.

Level: n/a

Duration: 0.5 day(s) CII CPD Hours: 3


By the end of this workshop delegates will be able to:

  • review the key elements of SMCR for the insurance sector.
  • explain FCA’s intended approach to implementing SMCR and its desire to maintain ‘proportionality’.
  • understand the organisational implications of SMCR’s implementation.
  • assist delegates in considering the impact of SMCR on their businesses.
  • enable delegates to prepare for compliance with new SMCR requirements from 2018 onwards.

Searchlight can provide post-course consultancy services to those firms who believe that they may need specialist help in understanding and addressing SMCR requirements – for example, undertaking a gap analysis to determine how well the firm’s current arrangements match the new requirements and providing assistance to address issues that are identified.


  • Overview of SMCR and how it differs from SIMR and the Approved Persons regime
  • Areas of a business impacted by SMCR and the roles which are affected
  • Conduct Rules and the implications of the statutory duty of responsibility for senior managers and certified persons
  • The changes to internal policy and procedures which are needed to accommodate SMCR
  • Testing fitness and propriety of staff under the new regime
  • Assessing employees’ ongoing competence under SMCR
  • Identifying new, or changes to existing systems which will be needed to support the firm’s management of and compliance with SMCR
  • Next steps and action planning