With less than eight months until the Senior Managers & Certification Regime (SMCR) is rolled out to the insurance industry, research by Ecclesiastical Insurance shows that only 36% of brokers are aware of the changes. Even fewer brokers – just one in seven – feel informed about the legislation, indicating a huge knowledge gap in the industry.
The legislation, which has been in place for banks and lenders since 2016, is being extended to insurers from December 2018, and intermediaries from 2019. It will effectively replace the Senior Insurance Managers Regime (SIMR) with a new set of guidelines designed to protect customers and make individuals more accountable for their conduct and competence.
The Senior Managers and Certification Regime (SMCR) will affect all firms in some way, no matter what sector or size, are you ready?
Download this two page guide to find out how the legislation will impact your business.