“The SMCR should not be treated as a discrete compliance project; rather, it is an opportunity to deliver high standards of governance”
(Financial Conduct Authority)
The FCA’s January 2020 letter to Asset Management CEOs clearly states that the regulator will carry out work in the first half of 2020 to evaluate the effectiveness of governance across the sector. In our experience working with SMCR in financial services firms, we have long argued that a best-practice framework to meet the regulators’ standards should be based around 5 key pillars “actively managed” and reviewed as per the regulator’s recommendations. The FCA’s letter shows that our framework and recommendations can be mapped neatly onto the FCA’s concerns and required actions.
To find out more about the Board Intelligence ‘5 Pillars of SMCR’ framework can quickly and effectively demonstrate SMCR compliance, watch our 6 minute expert briefing by filling in this short form here.