SM&CR Senior Managers Certification Regime Assessment

Senior Managers Certification Regime Assessment Quiz

Please be advised you are required to achieve an 80% pass to successfully complete this assessment.

Question Title

Name

Question Title

An Executive Director of a firm is accountable for the firm's policies and procedures on financial crime. The firm's compliance function, which is managed by the firm's Compliance Officer, supports the Director by providing oversight of these policies and procedures. Which individual should be allocated the Prescribed Responsibility? (Required.)

Executive Director

Compliance Officer

It should be shared equally between them but the responsibilities must be clearly recorded

Both will be jointly accountable for this PR

Question Title

Which of the following statements is correct with regards to the certification regime? (select 3 answers) (Required.)

All those performing a function that could cause significant harm to our firm need to be assessed for fitness and propriety by us

The certification must be renewed annually even if the person has an excellent record with no breaches of Conduct Rules

Anyone performing a function that could cause significant harm to our customers must be presented to the regulators for approval

A Certified Person can temporarily take over the responsibility for a Senior Management Function in case such as position falls vacant

If a certified person breaches conduct rules, and it results in disciplinary proceeding against the individual, we must notify the FCA

Question Title

Which of the following statements is correct about the scope of the new Senior Managers Certification Regimes? (Required.)

The regime is driven by EU Directive on accountability in finance

The regime only applies to banks, building societies, and designated investment firms

The regime applies only to systemically significant firms

The regime for FCA regulated firms incorporates a three-tiered classification regime

Question Title

Which parts of the regime require annual fit and proper assessment?

Senior Managers

Certification

Conduct Rules

All of the Above

None of the above

Question Title

An investigation has been launched amid allegations of a serious breach. As a Senior Manager which of the following could be considered to be reasonable steps in proving prevention was carried out? (select 3 answers)

Training Records

Internal Memos highlighting the known rules

A copy of the relevant regulation on your laptop

Evidence of policies and procedures that were communicated and understood

Question Title

Which of the following statements is correct with regards to the SM&CR? (Required.)

Before a person can be appointed to a designated Senior Management Function, they must be pre-approved by the FCA

Two or more Senior Managers can never share an SMF as this regime is about individual accountability

Both of the above

None of the above

Question Title

A colleague who is a certified person has bragged to someone about how they evade paying taxes. Which of the following would you agree with most?

We would need to investigate this claim. If true, it would raise clear questions about the suitability of the certified person in his role and his fitness and propriety as a certified person

We are not responsible for what people get up to outside of work. provided their behaviour meets our values in the office and with our clients, that's sufficient

Sounds like general gossip, unless someone whistle-blows we shouldn't take any notice

Evading taxes is a national pastime, it is not a material issue

Question Title

Which of the following statements are correct for 'Prescribed' responsibilities? (select 3 answers) (Required.)

The responsibilities must be recorded and reported to the regulators

Under the 12-week rule, Prescribed Responsibilities can be allocated to an individual approved by our firm to perform a certification function

Giving a Senior Manager a PR won't require pre-approval by the FCA

In the event of a breach, the Senior Manager with responsibility may have to demonstrate that reasonable steps were taken to prevent breaches

Prescribed Responsibilities can be split evenly between all Senior Managers

Anyone - regardless of seniority - can be allocated prescribed responsibilities with our agreement

Question Title

Which of the following are true about Statements of Responsibilities (SoR)? (select 2 answers) (Required.)

An SoR is a document that every Senior Manager must have, which clearly sets out their role and responsibilities

The SoR needs to be submitted to the FCA when a Senior Manager is being approved and when significant change is made to it

The SoR needs to be three pages in length

If a Senior Manager holds more than one SMF, they will need an SoR for each

None of the above

Question Title

Which of the following checks are likely to feature in a fit and proper assessment? (select 2 answers)

Training Records

Tax Returns for the past three years

DBS criminal background check

Successful application for obtaining credit

SM&CR Senior Managers Certification Regime Assessment

Senior Managers Certification Regime Assessment Quiz

Question Title

* Name

Question Title

Question Title

* Which of the following statements is correct with regards to the certification regime? (select 3 answers) (Required.)

Question Title

* Which of the following statements is correct about the scope of the new Senior Managers Certification Regimes? (Required.)

Question Title

* Which parts of the regime require annual fit and proper assessment?

Question Title

* An investigation has been launched amid allegations of a serious breach. As a Senior Manager which of the following could be considered to be reasonable steps in proving prevention was carried out? (select 3 answers)

Question Title

* Which of the following statements is correct with regards to the SM&CR? (Required.)

Question Title

* A colleague who is a certified person has bragged to someone about how they evade paying taxes. Which of the following would you agree with most?

Question Title

* Which of the following statements are correct for 'Prescribed' responsibilities? (select 3 answers) (Required.)

Question Title

* Which of the following are true about Statements of Responsibilities (SoR)? (select 2 answers) (Required.)

Question Title

* Which of the following checks are likely to feature in a fit and proper assessment? (select 2 answers)

Name

Which of the following statements is correct with regards to the certification regime? (select 3 answers) (Required.)

Which of the following statements is correct about the scope of the new Senior Managers Certification Regimes? (Required.)

Which parts of the regime require annual fit and proper assessment?

An investigation has been launched amid allegations of a serious breach. As a Senior Manager which of the following could be considered to be reasonable steps in proving prevention was carried out? (select 3 answers)

Which of the following statements is correct with regards to the SM&CR? (Required.)

A colleague who is a certified person has bragged to someone about how they evade paying taxes. Which of the following would you agree with most?

Which of the following statements are correct for 'Prescribed' responsibilities? (select 3 answers) (Required.)

Which of the following are true about Statements of Responsibilities (SoR)? (select 2 answers) (Required.)

Which of the following checks are likely to feature in a fit and proper assessment? (select 2 answers)