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Survey finds too many insurance brokers unaware of new Senior Management & Certification Regime

Nearly half of brokers surveyed were ‘unaware’ of a newly introduced Senior Management and Certification Regime (SMCR). The new rules,  which come into play this month, have been extended to all insurance intermediaries and solo-regulated firms, just one year after the rules came into effect for insurers.

The SCMR legislation was originally introduced in the banking sector in 2013 following the financial crash as a way to encourage a culture of greater responsibility among senior staff.  Legislation was amended in 2016 to extend the rules to all authorised firms and this week saw it being extended to insurance intermediaries and solo regulated firms.

But a survey of 250 brokers by Eclesiastical Insurance found  56% of brokers were aware of the changes. Only 4% of brokers said that they were aware of everything the needed to do ahead of implementing SMCR, compared to a third who had no knowledge at all.

Protect Development Director Jon Cunningham said, “This  survey highlights many insurance firms are getting measures in place for the new Senior Management and Certification Regime, but it also highlights a worrying lack of awareness for many insurance brokers.

“We are here to support any organisation with training and guidance around compliance, governance and speak up arrangements and do a great deal of work with the FS sector. Good governance ultimately helps to raise standards and accountability”.