The SMCR for insurers and asset managers: Is your organisation ready?

With the Senior Managers and Certification Regime (SMCR) for insurers coming into force in December 2018, companies in the sector are joining other non-banking firms in preparing their training. Eukleia’s new course and infographic are the perfect starting point.

While the banking sector has become familiar with the SMCR, the extension of the rules means non-banks now need to create new training programmes.

L&D professionals want to help their learners understand and adapt to the new regime, but taking a comprehensive and effective approach to training can be tricky given the complex issues involved.

Outlining the changes and highlighting the key SMCR messages accurately is vital for businesses, particularly as the broadened scope of the regime means many learners will be taking on responsibilities to the regulator for the first time.

Fortunately, Eukleia has produced a range of elearning courses and infographics to help you educate your staff about SMCR and give them the assurance and skills to meet the demands of the regulations with confidence.

A close-up photo of a man in a suit as part of work around SMCR for insurers

Who can SMCR training help?

There are three categories of staff who will be subject to the new rules:

  1. Senior Managers, broadly speaking, run and control the business. They may include executive directors, specified non-executive directors and other senior individuals.
  2. Certified Persons are individuals who could potentially pose a risk of significant harm to the firm or any of its customers. This group encompasses material risk takers and the line managers of Certified Persons.
  3. All other employees, other than those in certain exempt ancillary roles, need to receive the training provided for Other Conduct Rule Staff.

With staff subject to annual certification, rolling out initial learning that will meet your organisation’s long-term SMCR training needs is vital. Our Conduct Rules courses give strong illustrative examples of the ways in which the rules apply across your firm. For example, they look at:

  • Sales colleagues talking to customers
  • IT team members working on updates to company systems
  • Compliance professionals answering queries from regulators
  • HR employees interviewing potential new members of staff

A photo of a hand writing something next to a pair of laptops as part of work around SMCR for insurers

Practical examples to underline SMCR training

Reducing anxiety among employees is an important part of high-quality SMCR training. One of the simplest first steps you can take to implement SMCR seamlessly is to broadcast a positive message and align the rules with your existing protocols.

With this in mind, Eukleia’s courses emphasise the benefits for your firm and the closeness between the standards and your current conduct values.

Depending on the regulatory category they fall into, learners follow a path through the courses to see how these standards work in everyday situations.

We also take a closer look at the rules and what they mean in practice, such as how to act with integrity when dealing with relationship and investment managers.

Using an easy drag-and-drop option panel, learners can select the area they want to know more about and explore what breaches of the rules would look like.

A photo of people looking at training on a computer as part of SMCR for insurers

The SMCR for insurers and non-banks: act now to create effective training

The Financial Conduct Authority and the Prudential Regulation Authority are introducing the SMCR for insurers on 10 December 2018.

This means that time is of the essence for firms to prepare employees, most of whom will be affected in some way by the new requirements of SMCR for insurers.

If your firm is affected by SMCR for insurers, our tailored course features examples specific to the sector, such as dealing correctly with customers, policy-holders, claims and underwriters.

To further enhance your training, Eukleia has also created two stylish animated infographics for asset managers in the non-banking and insurance sectors. These slick videos are ideal as an introduction in any internal communications plans your organisation might have around the new training.

Through animations and avatars showing people in work situations, the infographics offer a clear and concise visual introduction to the issues involved. Using these infographics is a great way to begin the process of creating successful SMCR training for insurers and asset managers.

Eukleia has extensive experience of SMCR training and supporting firms to implement the SMCR. To find out more about our new courses and infographics, or request a free trial, contact us today.

Want to know more? Scroll to the Conduct section of our Generic course catalogue.

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