Poor HR practices leave advisers at risk of SM&CR breach

Risking SM&CR breaches

clock • 3 min read

Most advisers are not doing enough in human resource compliance and are at risk of breaching Senior Managers and Certification Regime (SM&CR) regulations, Model Office founder Chris Davies has warned.

The RegTech platform today launched its bi-annual industry benchmark market report, which found compliance still the number one concern for the majority (80%) of advice firms. Davies, who has worked in the advice industry for close to 30 years and started as an adviser, described SM&CR as a "cultural shift" larger than people realised. Financial Conduct Authority's (FCA) SM&CR raised standards of individual's conduct and emphasised the accountability of senior management and was rolled out to advisers in December last year. More than two out of four firms told Model Office they wer...

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