The Growth Series

Podcast #25 - SMCR is coming: What brokers need to know




In episode 25 of the Growth Series podcast, Jeremy Duncombe, Director of Intermediaries at Accord Mortgages, is joined by Simon Lovell, Field Compliance Manager at The Mortgage Alliance. Together they discuss the Senior Management & Certification Regime, part of the FCA’s drive to improve culture, governance and accountability within financial services firms. They look at how brokers can prepare, and what to look out for when the new regulation comes into force on 9th December 2019.

Following the financial crisis of 2008, the UK government called on the FCA to put together a new regime that places greater accountability on the senior management of firms. The Approved Person’s Regime has already been in place for banks and building societies since March 2016 - the big change this year is the extension of the regulation to all other authorised firms and the renaming to ‘SMCR’.

The ultimate aims of the regulations are to reduce harm to consumers and to strengthen market integrity. Some are calling it the FCA's ‘accountability regime’ as it encourages staff to take responsibility in their actions and decisions, ensuring good customer service is delivered at all times right across the board.

Being prepared for new regulation is the best thing mortgage brokers can do ahead of December. Simon recalls when GDPR was introduced and his phone was busiest in the week running up to the GDPR deadline. He therefore urges everyone to think ahead and get informed early on. In this vein, The Mortgage Alliance has produced a guide summarising the rules and helping firms understand what they need to do.

The Growth Series is a dedicated resource that aims to help mortgage brokers grow their business using digital and communications marketing techniques. For more hints and tips on how to grow your business, you can sign up to the Growth Series for free, here.

Podcast #25

00.00 - 1.26 Introduction

1.27 - 15.23 Jeremy Duncombe, Director of Intermediaries at Accord Mortgages, is joined by Simon Lovell, Field Compliance Manager at The Mortgage Alliance - together they cover:

  • The background to why SMCR is being introduced
  • How brokers can embrace the changes in culture and behaviour
  • The possible impact of SMCR on the mortgage market
  • The preparedness of financial services ahead of the new regulation
  • What resources brokers can use
  • The implications of not conforming to regulation

15.23 - 16.35

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