Monique Melis Speaks to FT Adviser about SM&CR

Monique Melis, Managing Director and Global Head of Duff & Phelps’ Compliance and Regulatory Consulting practice, spoke to FT Adviser about the incoming Senior Managers and Certification Regime (SM&CR). SM&CR is intended to improve accountability, and will bring increased scrutiny around how advisers treat their clients. 

Monique commented, “Advisers are scared of getting burnt, particularly with the SM&CR. You cannot leave the bad actions behind. They follow you….There are also some rules that hold senior managers at the entities responsible, so this will change the landscape. [There will be] more responsible conduct for perhaps promotion or doing better research into the entities they promote and put their people in.” One of the key ways, according to Monique, that advisers can protect themselves is by having a robust record-keeping system to prove they gave good advice and assessed suitability and objectives. But she does warn that companies should embed cultural change where it is needed rather than waiting for the FCA to do it.

Read the full article here.

 
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