The FCA has published a guidance consultation (GC18/4) on its proposed guidance for the content of Statements of Responsibilities (SoRs) and Responsibilities Maps for solo-regulated FCA firms, required under the Senior Managers and Certification Regime (SM&CR). The proposed guidance builds on the information published in the FCA Guide to the SM&CR for solo-regulated firms.
- sets out the purpose of SoRs and Responsibilities Maps;
- directs to relevant Handbook references;
- provides some questions for firms to ask themselves when preparing (i) SoRs, ordered by the relevant section on the "Statement of responsibilities for solo-regulated firms" form, and (ii) Responsibilities Maps;
- gives example SoRs and Responsibilities Maps based on the case studies in the FCA's SM&CR: Guide for FCA solo-regulated firms; and
- outlines examples of good practice (in green boxes) and poor practice (in burgundy boxes).
The FCA warns that questions and examples are not to be considered exhaustive, but the guidance provided may be applied in a risk-based and proportionate way. Additional guidance from the FCA in this area is to be welcomed. Firms should consider the content and feedback to the FCA as appropriate. The consultation is open until 10 December 2018.