Written on 07/08/2023

BAT Software is pleased to announce the launch of its SM&CR tool. This feature helps businesses navigate the SM&CR process from onboarding new employees, RIs and directors through annual fit and proper checks to employees leaving the business.  Businesses create their very own exams and learning material, interview forms and reference checks or can access material uploaded by compliance partners. 

The objective of the SM&CR is to establish clear lines of accountability within financial services. By designating specific senior managers to key functions and responsibilities, the regime ensures that decision-making processes are transparent and that managers are held accountable for their actions and decisions. Firms need risk management systems to prevent potential breaches of regulations due to administrative errors.  By assigning clear workflows to senior managers, the BAT tool reduces risk.  

Kirsty Turner, CEO of IFAC said, "This tool creates a clear line of sight to prove competency and track the appointment process. The FCA SM&CR has increased pressure on managers to keep recruitment procedures orderly. The ongoing competency process alone involves at least nine steps that need checking and signing off.  BAT auto-completes this information by pulling compliance information held or uploaded on this and other systems - including T&C audits, file checking, creating and filling gap analysis, planning and SPS-licence checking. 

"For IFAC compliance this is a game changer, because senior manager appointments must be complete and auditable before presenting to the FCA for approval."

Charlie Palmer, CEO of Batsoftware, (pictured) said, "For ongoing competency, we have been repeatedly asked for a step by step workflow tool, which BAT now can deliver.  Under the new FCA rules, you have a 12 week time limit to pull together the documentation for official appointments, and the audit trail needs to be perfect, especially given how difficult it can be to get meaningful references from past employers."

BAT produces compliance software for IFAs and Mortgage Advisers.

Further information - and if you want to switch on this feature, please contact Cost is £5 per user per month after a 3 month trial. 


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