The FCA’s consultation on extending the Senior Manager & Certification Regime (SM&CR) to all regulated firms is in reality a complex set of overlapping regimes with a varying mix of some 18 separate elements ("tools"). Our A-Z approach is a way of getting to the heart of the proposals, to begin to see better what it might mean for your firm, and what to guard against.

Given the complexity, step one for everyone should be to do the big picture thinking - about what you want your firm to be like in 3 years time (including your culture), and how best to use the discretion you have under SM&CR to help you get there. This is not the area where you want to leave it late or dive into the detail.