Paradigm unveils SMCR countdown document

Paradigm Mortgage Services has launched a free Senior Managers and Certification Regime (SMCR) ‘Countdown’ document outlining the schedule firms must keep to if they are going to meet the 9December deadline.

Paradigm is urging firms who are still preparing for the regime to review its document entitled, ‘SMCR Countdown: Your Schedule for Success’, to ensure they complete all the required actions to meet the new requirements.

Christine Newell, mortgages technical director at Paradigm Mortgage Services, said: “With just 20 working days left between now and the SMCR 9 December deadline we believe our Countdown document will be a very useful tool for all firms, especially as it tells them what their priorities should be in order to meet the responsibilities and expectations of the FCA by the 9th, but also outlines what tasks they might be able to complete at a later date.

“This should allow them to prioritise their work in this area and we believe this is a unique document in the marketplace that allows them to do this.

“There has been a lot of market chatter in recent weeks about the preparedness of mortgage advisory firms in particular for the SMCR changes, and at Paradigm we wanted to give all intermediaries a document which can lead them through what is required, provide advice on how to do it, and details on the time it should take to get them through each priority.

“This document is now available and, with just a small amount of time remaining, we would urge all firms to review it to see if they are on course for SMCR compliance.”

The countdown document splits firms’ priorities into three areas.

These include those that must be completed to meet the deadline such as structure charges and the Statement of Responsibilities and Training and those that should be completed prior to the deadline, such as the certification process.

The document also contains tasks that can be completed after the deadline such as meeting the requirements when hiring senior managers.