The FCA have carried out a series of roadshows on the new Certification and Senior Managers Regimes. The roadshows provided key guidance on how the new regimes will be applied for Credit Unions.
One key point raised was that the FCA expect that for some Credit Unions they expect to see the SMF8 role (Senior Credit Union Manager) split between two or three people. This makes more sense for many Credit Unions where the role would not fit one person on the Board or in senior management alone. They did mention that they are not expecting to see everyone on the Board taking up SMF8 status and it should be a limited number of people.
The slides for the workshop can be found on the FCA website by clicking here. We would strongly advise Credit Unions not present at the roadshows to review the slides as there were a number of key points covered in the roadshows which were not always clear in the published guidance. Please remember that grandfathering notifications must be submitted by 8 February 2016. The FCA is recommending that the forms are submitted electronically via Connect.