12 July 2018

Strategic solution to Accountability II announced

The Senior Manager and Certification Regimes (SM&CR) come into force in December 2019 which will impact most aspects of the business.


JM Finn has entered into a strategic agreement with Redland for the provision of an integrated software solution to support the JM Finn’s compliance obligations under Accountability II, the regime that all solo-regulated firms are required to meet by December 2019.

Given the far reaching scope of the regime, JM Finn are undertaking a holistic approach to people, process and regulatory management. This means unifying several systems including HR, training and advice systems. The result will enable a single view of all compliance activity across regulated and non-regulated business functions.

Redland’s Senior Managers Regime (SMR), Training & Competence (T&C) and Certification software will form the basis of the solution. It will be deployed to over 300 JM Finn staff who will be subject to the Conduct rules.

Redland’s software will also integrate Performance Appraisals, Conduct Rules training and deliver a single ‘Accountability’ solution for the whole business.

Firms need to address the risks within their existing processes for assessing Competence, which potentially leave them exposed to non–compliance once Accountability comes into force. To address this concern T&C management and evidencing will be the first phase of the JM Finn implementation.

Steven Sussman, Chief Executive, JM Finn commented; ‘The SM&CR regimes will impact most aspects of our business. Our strategic approach will deliver numerous operational benefits and help protect our business, our staff and ultimately, our clients.   

After conducting a thorough market assessment of software vendors, we chose Redland for their proven software and their regulatory expertise’.

Gary Muchmore. Chief Executive, Redland, commented: ‘We’re thrilled to be working with JM Finn on their strategic approach to the extension of Individual Accountability. They join a growing list of blue-chip clients, including 5 FTSE 100 listed companies, that have chosen our compliance solutions.

In July, the FCA and PRA issued the timetable and near final rules for the extension of SM&CR. It’s clear to us that firms need to start the planning and implementation as soon as possible’.


Related articles

For the second year in a row, JM Finn has been awarded the Wealth Management Firm of the Year by MoneyAge.

JM Finn is proud to have been shortlisted in this year’s Wealth Management Awards from the Good Money Guide.

JM Finn’s publication, entitled Wealth Across the Generations, won an award at the annual CityWealth Brand Management and Reputation Awards.