SMCR Senior Managers eLearning Training

The Senior Managers and Certification Regime (SMCR) was introduced in the UK after the 2008 global financial crisis, following widespread governance failures and the public’s loss of trust in the financial sector. The Parliamentary Commission on Banking Standards (PCBS), set up in 2012, found that existing accountability rules were weak and allowed senior leaders to avoid personal responsibility for misconduct. 

To address this, the UK government replaced the old Approved Persons Regime with SMCR, which officially came into force for banks in 2016 and was later extended to insurers and all FCA-regulated firms. The goal was simple: strengthen individual accountability, improve conduct, and ensure senior managers can be held directly responsible for the areas they oversee. 

The FCA requires firms to ensure Senior Managers clearly understand their responsibilities, Conduct Rules, and the “reasonable steps” they must take. Proper training reduces regulatory risk and strengthens governance. 

No, the FCA does not mandate eLearning specifically for Senior Managers.

However, the FCA does require that Senior Managers receive appropriate, role-specific training to understand:

• Their SMCR responsibilities
• The Conduct Rules (COCON 2.1 and 2.2)
• Their “reasonable steps” obligations
• Their prescribed responsibilities and areas of oversight

In line with this, the SMCR Senior Managers eLearning training provides consistent, documented, and auditable evidence of compliance.

It covers the Senior Managers Regime (SMR), Statements of Responsibilities, the Duty of Responsibility, Conduct Rules, reasonable steps, overseeing of delegated responsibilities, and disclosing appropriately any information of which the FCA or PRA would reasonably expect notice. 

Training completion, assessments, and scenario-based learning provide tangible evidence that Senior Managers were properly equipped to fulfil their duties, something that is critical during FCA audits or investigations. 

Employee training focuses on Conduct Rules. Senior Managers training is deeper, focusing on oversight, governance, delegation, challenge, and personal accountability under the SMR. 

Anyone holding or preparing for an FCA Senior Management Function (SMF), including CEOs, directors, compliance heads, risk leaders, MLROs, and key function heads.

Yes. The content can be customised to reflect your Statements of Responsibilities, governance structure, and business-specific risks. 

Typically 30 minutes, depending on customisation. A shorter or extended version can be provided based on your firm’s needs. 

Annual SMCR assessments are the yearly reviews that firms must carry out to confirm that individuals performing Senior Management Functions (SMFs) and Certification Functions remain fit and proper, understand their responsibilities, and continue to meet regulatory standards. 

It provides documented evidence of competency, strengthens your Fitness & Propriety reviews, and supports your annual certification cycle. 

Lack of training increases the risk of oversight failures, regulatory breaches, financial penalties, and personal accountability under the Duty of Responsibility.

Yes. A completion certificate is generated automatically and can be used as proof during audits or regulatory reviews. 

Yes. We can incorporate your internal policies, escalation frameworks, and real-world scenarios tailored to your environment. 

The delivery is fully flexible. If you have an in-house LMS, we can provide the course as a SCORM-compliant package. If not, we offer a seamless SaaS-based hosting option for easy access and deployment.