SMCR - Senior Managers & Certification Regime

SMRC is a Financial Conduct Authority (FCA) requirement that firms assess the fitness and propriety of their employees to deliver financial services competently and responsibly.

The SMCR assessment was originally introduced for individuals working in the banking and dual-regulated insurance companies but was later extended to include all FCA-regulated firms. Its role is not only to ensure firms and staff clearly understand where responsibilities lie across the organisation, but to foster a culture and environment within the financial sector where staff at all levels take personal responsibility for their own actions. 

The SMCR includes a mandatory requirement for employers to carry out criminal record checks and seek detailed, specific references from past employers for certain roles. It is recommended that further assessments of financial soundness, competence and integrity are also considered.

Based on these requirements, SMCR compliant pre-employment screening covers a suite of verification checks for the Financial Services industry, including on:

  • Identity 
  • Confirmation of the right to work in the UK
  • Residential address
  • International sanctions
  • Public records such as CCJs, IVAs and bankruptcies
  • Directorship against UK Companies House records
  • Criminal records, according to relevant Rehabilitation of Offenders Acts  
  • Activity history covering the previous six years of employment, self
    employment and education, and identifying any gaps (minimum)
  • Professional qualifications

Answering your questions on SMCR

What is the Senior Managers Regime?

What is the Certification Regime?

What are the consequences of an SMCR breach?

Why choose Security Watchdog for SMCR vetting?

  • We integrate with industry-leading HR software such as Workday, and SAP to offer you management of your candidate screening directly from your own platforms.
  • We offer an easy-to-use form capture, allowing candidates to upload documents straight from their mobile device and offering instant data validation.
  • Our Express Screening service offers instant access to data needed to verify a candidates activity history. It removes the need for us to approach referees directly, instead verifying a candidate’s employment or gap in activity using integrations with banks, payroll and HR platforms.
  • Live progress tracking supports a positive candidate screening experience.
  • Robust screening made possible through our cutting-edge software and first-class customer service
  • Evidence for the FCA, where needed, to demonstrate that the business and senior management team have taken all reasonable steps to prevent an SMRC breach through a cast-iron vetting process.
  • A 24/7 accessible online screening portal offers from any location.
  • Assurance of ongoing SMRC compliance at the touch of a button when it comes to regular re-screening and internal promotions.

How our online screening portal works 

Whether you’re looking to screen only one individual or several hundred, our online screening portal makes the process quick, simple and accurate.

Set up your account

Access the client portal to create your candidate

Select your screening package of choice

We invite your candidate to complete our online form

We obtain the required references and background checks once they’ve supplied the necessary information.

You can monitor the progress of checks on any individual, at any stage

You can download a report for every completed screening.

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