FCA consults on SM&CR Extension

A Tiered approach for over 46,000 firms

London, United Kingdom: As the extension of SM&CR consultation paper is released (FCA Proposed extension to SM&CR) all FCA regulated firms need to sit up and take notice as does the Insurer and Reinsurer market. As has been hinted “proportionality” rings true and is broken down by firms whose regime will be either in:
1. Limited Scope
2. Core
3. Enhanced

All solo-regulated firms will fall into one of these categories with the FCA proposing flexible and proportional rules relevant to firm size, assets under management and complexity.

David McNair Scott, CEO of Trailight states “The extension of SM&CR to the wider regulated market place represents a significant step forward in the FCA’s mandate on accountability, culture and conduct within the industry. The proportionality is welcomed; however, it is good to see the core fundamentals of the regime remain in place. We are working to align our platform against the clear Tiering of the regime”.

Trailght will be exploring the CP over the coming days and weeks and will be releasing regular documents commenting and describing how the regime could affect firms and the marketplace.

David McNair Scott
CEO
Trailight
Mobile: +44(0) 7470 209 453
Email: david.mcnairscott@trailight.co.uk

SM&CR Press Release