Clyde & Co – The SMCR and FCA conduct rules could create problems for London Market firms

• FOIL
• FOIL Ireland
• FOIL select
• London FOIL

Author - Nick Elwell-Sutton

The SMCR is a complicated regulatory requirement and some FCA solo regulated firms, typically brokers and MGAs, will struggle to implement it with the possibility that some will not take the appropriate steps to meet its requirements. In particular, getting to grips with the detailed requirements of the SMCR, such as statements of responsibility, annual fit and proper certification and regulatory references will prove a significant challenge, particularly for those smaller firms with limited internal compliance, HR and legal resources to draw on.