In 2019 the Senior Managers & Certification Regime (SM&CR) has been the main topic of conversation for IFA firms. As a Project Manager and Consultant, I looked at how such a project could be structured to help firms, as knowing you need to do something is key, but how you’re going to approach it is critical to success.
From my research I devised a generic project plan template and also a supporting mapping spreadsheet to help map both the people and responsibilities between the different regimes. In theory the mapping is a straightforward exercise, however for firms who have experienced a lot of change, this has proved a much more complicated process and mapping has been just the first step of the project.
It’s been a great opportunity to collaborate with Chris Davies at Model Office on this subject running joint workshops and webinars throughout the year. These have combined the key compliance points with the practical application of ‘how’ to approach the project. In addition we produced a comprehensive informative pack available for purchase, including useful guides, reports, the project template and mapping spreadsheet which firms found very useful.
In Q4 2019 we took our updated workshop across the UK as part of the Intelliflo Regional User Group sessions providing attendees with a CPD SM&CR session. Every firm is different with their own successes and challenges. Some of the key takeaways from the sessions are as follows:
- Every firm is different, not just whether they are Limited Scope, Core or Enhanced, but in their structure, culture and growth so each firm will have different requirements for the regime implementation
- Senior Managers are taking a close note of their updated responsibilities and rightly so, given the potential consequences and liabilities
- HR is core to the ongoing success and management of this regime and needs to be involved at all levels, whether internal or outsourced
- All firms outsource, even if its just their CRM and those outsourced solutions need to be managed on an ongoing basis with clear lines of responsibility
- Communication from Senior Management to junior staff is key to managing the culture of the regime and changing behaviours
- All staff at all levels need to be engaged with the new regime to understand the communication lines and who has key responsibility for each area
For other enquiries including our pack please contact [email protected] or [email protected]. Alternatively you can view more information about the pack under https://mintblueconsulting.co.uk/articles-and-information/