SMCR Academy (e-learning)

For firms subject to the UK Financial Conduct Authority's Senior Managers & Certification Regime (SMCR), a major component of SMCR compliance is the requirement to provide comprehensive role-based training to your staff. The FCA have recently published guidance on the positive indicators which describe their expectations around SMCR conduct rule training.

The SMCR Academy of e-learning modules from Simmons & Simmons has been designed specifically for asset management firms who require an easy and effective way to deliver SMCR training to their conduct rule staff, certification staff and senior manager population.

Key features of the Academy include:

• 11 e-learning modules with content designed by our team of experienced regulatory lawyers. The modules cover both general training on the Conduct Rules in the context of the asset management sector and separate specific training modules on the application of the rules to individual roles that are commonly performed within such firms. Module descriptions are provided below.
• Role specific case studies (investor relations, marketing and fund distribution, Portfolio Managers & Analysts, Traders) based on actual client scenarios which provides the user with realistic scenarios for the job they perform as required by the FCA.
• Modular learning approach to accommodate busy work schedules. Modules range from 5-45 mins in length and can be completed at an individual user’s pace.
• Best practice e-learning development techniques including the use of tests and interactive case studies to confirm understanding of subject matter.
• SCORM compliant e-learning which allows automatic update of user records with completion of each module and pass mark.
• Compatibility with all major Learning Management Systems.

Overview of the Modules

Below is an overview of the e-learning modules in the SMCR Academy:

• Introduction to SMCR: general introduction to the SMCR and the responsibilities for individuals.
• Conduct rules 1-5: each rule is a separate module providing a definition and overview of the rule and the standards of behaviour that they require.
• Fitness & Propriety: an overview of the criteria used in the FCA handbook to assess whether an individual is fit and proper to carry out their role. Relevant to certification staff and Senior Managers.
• Senior Manager training: outlines the responsibilities for good governance and culture, regulatory requirements, duty of responsibility and Senior Manager Conduct rules. The module also discusses how to detect whether you are responsible for a contravention and the practical steps to take to avoid a contravention
• Role specific modules: two modules for each role identified below which identify how the conduct rules specifically apply to the role and the practical application of the conduct rules to the role. Knowledge is then assessed through a real-life case study which takes the user through a working week in the role. Roles covered include:
• Investor relations, marketing and fund distribution
• Portfolio Managers & analysts
• Traders

Compatible and easy-to-use

The SMCR Academy has been designed to fit in with busy schedules. Module duration ranges from 5-45 minutes and can be accessed and completed 24/7 via desktop, tablet and mobile devices.

From a technical perspective each SMCR Academy e-learning module is SCORM compliant (global e-learning de facto industry standard) and is designed to integrate seamlessly with your Learning Management System (LMS) to record user completion.

Circumstances of Use

The SMCR Academy has been designed specifically for asset managers and can be used to train:

• Conduct staff
• Certification staff
• Senior Managers

As described above the following roles have specific additional training and case study assessments:

• Investor relations, marketing and fund distribution
• Portfolio Managers & analysts
• Traders

Important Terms

The SMCR Academy is sold by employee trained, with discounts on purchases for more than 10 and more than 20 employees as shown above. Users need to agree to the terms of sale for Simmons & Simmons Solutions Ltd before purchasing SMCR Academy.

You need a SCORM-compliant LMS to view SMCR Academy. If you do not have a SCORM-compliant LMS and know how to use it, we do not recommend you purchase SMCR Academy.

Downloadable files you receive on purchase

You receive access to 14 downloadable files when you purchase SMCR Academy. The files and the 11 e-learning modules they relate to are listed below. After you download the files, you need to upload the files to your SCORM-compliant LMS to view the modules.

List of downloadable files with modules they relate to:

1. Module 1. Asset Management Conduct Rules Introduction
2. Module 2. Asset Management Conduct Rule 1
3. Module 3. Asset Management Conduct Rule 2
4. Module 4. Asset Management Conduct Rule 3
5. Module 5. Asset Management Conduct Rule 4
6. Module 6. Asset Management Conduct Rule 5
7. Module 7. Asset Management Fitness & Proprietary Training
8. Module 8a. IR Marketing Fund Distribution Rules – Training
9. Module 8b. IR Marketing Fund Distribution Rules – Case Study Assessment
10. Module 9a. SMCR Conduct Rules for Portfolio Managers & Analysts – Training
11. Module 9b. SMCR Conduct Rules for Portfolio Managers & Analysts – Case Study Assessment
12. Module 10a. SMCR Conduct Rules for Traders – Training
13. Module 10b. SMCR Conduct Rules for Traders – Case Study Assessment
14. Module 11. Senior Management Training for SMCR

Further Resources

Simmons & Simmons has prepared extensive materials on SMCR. Three articles from Simmons & Simmons that are of particular use for those considering purchasing SMCR Academy are: 

• 10 things you need to know about the SMCR Directory. This article provides an overview of frequently-asked questions in relation to the SMCR Directory. Submitting information to the SMCR Directory is required by 31 March.
• SMCR: FCA publishes new indicators on assessing fitness and propriety. This article discusses the FCA's guidance on how to assess fitness and propriety.
• PRA Report: Evaluation of the SMCR. The Prudential Regulatory Authority (PRA) published a report evaluating the SMCR's efficacy. Simmons & Simmons provided an overview of the PRA's report in this article.