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Corterum Datasets

This article takes you through all of Corterum's datasets and provides definitions for each one.

Corterum Team avatar
Written by Corterum Team
Updated over 3 years ago

Contents

Admin

Administrators are users of Corterum who have access to everything within the system. This includes, but is not limited to:

  • The ability to create and manage User accounts.

  • The ability to set tasks for User accounts.

  • Manage and customise workflow rules within your instance of Corterum.

The Firm

Under SM&CR, you must hold and be able to report to the FCA on demand several pieces of general, financial, and regulatory information about your firm. Corterum helps you to store this in the format and to the extent required by the FCA.

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SM&CR Classification

Under the Senior Manager & Certification regime, all firms subject to the regime are defined as belonging to one of three classifications: Limited scope, Core or Enhanced.

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Regulated Activities

The activities that the FCA regulates that are carried out by your firm.

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Boards and committees

SM&CR has a strong emphasis on appointing the most fit & proper persons to corporate governance committees. Furthermore, the chair of some committees (e.g. the audit committee and the nomination committee) is a Senior Manager under the regime.

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Record of Minutes

A record of minutes for any meetings undertaken on any boards or committees.

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Regulators

This typically refers to the Financial Conduct Authority (the FCA), the primary regulator for many of the actions undertaken by financial services firms.

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Regulator Information Requests

A record of all historic regulatory information requests made for an individual.

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Regulatory Remediations

If an organisation has any gaps in their SM&CR compliance processes, this requires steps to be taken in order to remediate these gaps.

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Staff

Staff members are Corterum users who do not possess administrator access. Their ability to use the system can be limited in a number of ways by admin users.

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Staff Information

Refers to personal details, Senior Management Functions, responsibilities (prescribed, overall and other); as well as certifications.

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Employment History (T)

A record of an individual's history of employment that is relevant to their current role, including the following information:

  • Name of employer

  • Dates of employment

  • Nature of employment (e.g. employee)

  • Position held within the company

  • Responsibilities

  • Salary

  • Reason for leaving

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Summary of responsibilities

A summary of all prescribed, overall and other responsibilities that have been delegated to an individual, including the following information:

  • Summary of responsibility

  • Details of responsibility

  • Information regarding shared responsibilities (if applicable)

  • Job title

  • Individual Reference Number

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Senior management functions

A senior management function is defined as a regulated activity by an authorised person, if (a) the function will require the person performing it to be responsible for managing one or more aspects of the authorised person’s affairs, so far as relating to the activity, and (b) those aspects involve, or might involve, a risk of serious consequences (i) for the authorised person, or (ii) for business or other interests in the United Kingdom.

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Prescribed responsibilities

These are the responsibilities that the FCA mandates firms to share amongst their Senior Managers, including the following information:

  • Type of responsibility prescribed

  • Effective date

  • Information regarding shared responsibilities (if applicable)

  • Individual Reference Number

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Overall responsibilities

This is the term used by the FCA to describe when a Senior Manager heads and controls a business function or activity that could cause significant harm to the firm or potentially to the wider financial system, including the following information:

  • Overall responsibility title

  • Overall responsibility description/details

  • Distinction from other overall responsibilities

  • Information regarding shared responsibilities (if applicable)

  • Job title

  • Individual Reference Number

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Other responsibilities

Other Responsibilities (Optional).These are any significant responsibilities held by the SM that are not accounted for in the ‘Summary of Responsibilities’, ‘Prescribed Responsibilities’ or ‘Overall Responsibilities’ The FCA mandates that each ‘Other Responsibility’ must be described in 300 words or less.

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Supplementary information

Any other information relevant to an individual's role and assigned responsibilities.

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Certification functions

A register of all certification functions assigned to an individual, including:

  • Certification function (e.g. Significant Management)

  • Effective date

  • End date

  • Date of last Fit and Proper certificate and an upload of the certificate document

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FCA Directory Information

Register of FCA directory information, including the following:

  • Certification function

  • Role start date

  • Role end date

  • Customer engagement method

  • Activities undertaken

  • Work locations

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Gifts and hospitality register

A register of all gifts and hospitality received by an individual, including the following information:

  • Date of declaration of the gift/hospitality

  • Date gift/hospitality received

  • Type of gift or hospitality

  • Description

  • Action taken (whether it was accepted or rejected)

  • Contact details and relationship to the provider of the gift/hospitality

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Personal account dealing

A record of any account dealings such as stock purchases, including the following information:

  • Date of purchase

  • Name of security purchased

  • Symbol/stock code (e.g. GME)

  • Number of shares purchased

  • Nature of transaction (e.g. purchase)

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SM&CR

Senior Managers and Certification Regime - The overarching set of regulations which must be followed by all those working in financial services firms.

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Senior Managers Regime

The regulations applicable to top tier management within a firm, otherwise referred to as Senior Managers.

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Statement of Responsibilities

The FCA describes a statement of responsibilities as @a statement setting out the aspects of the affairs of the firm which it is intended that the person will be responsible for managing in performing the function.@

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Summary of responsibilities

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Senior management functions

A function that has been designated by the FCA as a designated senior management function. Senior management functions include, but are not limited to:

Anyone who performs an SMF needs to be approved by the FCA before they can start their role.

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Prescribed responsibilities

Responsibilities specifically prescribed by the FCA to senior managers.

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Overall responsibilities

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Other responsibilities

Any additional responsibilities required to be fulfilled

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Supplementary information

Any additional information to supplement the responsibilities assigned to a particular member of staff.

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Boards and committees

SM&CR has a strong emphasis on appointing the most fit & proper persons to corporate governance committees. Furthermore, the chair of some committees (e.g. the audit committee and the nomination committee) is a Senior Manager under the regime.

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Record of Minutes

A record of minutes taken for any board/committee meeting.

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Management Responsibilities Map

For enhanced format he FCA required you to complete a map of Management Responsibilities with give a close look at the structure of the firm, its board and functions.

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Boards and Committees details (T)

A record of the membership, structure and remit of boards and committees in Corterum.

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Senior Manager responsibilities (T)

A full list of responsibilities assigned to a Senior Manager.

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Handovers

Under SM&CR, whenever another Senior Manager takes responsibility for a particular Senior Manger function - whether on a temporary or permanent basis, a handover must be completed so any issues or data are available to the Senior Manager's replacement.

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Handover procedures

The procedures which must be followed in order to properly hand over responsibilities to a third party.

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Handover notes

Any relevant notes left as part of the process of handing over responsibilities to a third party.

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Responsibilities handed over (T)

A list of all functions handed over to third parties to be carried out.

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Summary of handover issues (T)

Summary of all pertinent functions handed over to third parties to be carried out as well as the reasons for these functions being handed over.

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Outsourcing

Ocassionally, Senior Manager functions or other core responsibilities need to be outsourced to a third party.

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Outsourced functions

Any details of the functions that you have assigned to be carried out by a third party.

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Criticality assessment

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Risk assessment

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KPIs

Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge an individual's ability to adhere to the requirements of thje conduct rules.

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Issues log

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Outsourcing contracts

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Access rights

Administrators of Corterum can allow or prohibit access to

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Sub-contracting

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Termination rights

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Outsourcer due diligence

The checks performed on any third party firms and individuals who handle functions on your behalf.

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Outsourcer risk assessment

A record of any risk's identified by a third party outsourcer.

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Senior Manager 'reasonable steps'

As part of complying with the SM&CR, Senior Managers have to confirm and outline the 'reasonable steps' they have taken to comply with the conduct rules that apply to them.

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Reasonable steps' framework

The steps taken by an Enhanced firm to ensure a Senior Manager has all of the necessary resources and materials in order to do their job effectively.

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Senior Manager Decisions Record (T)

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Certification Regime

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Regulatory References

The framework of information sharing provided for under the SMCR to help firms avoid recruiting people with a history of poor conduct into senior roles and other positions where they have the potential to do significant harm to the firm or its customers.

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Regulatory reference tracking

A complete record of any regulatory reference request for all relevant individuals.

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Incoming communications (T)

A record of any incoming regulatory reference communications regarding a individual.

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Outgoing communications (T)

A record of any outgoing regulatory reference communications regarding a individual.

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Regulatory references provided

A record of all regulatory references provided for an individual.

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Additional information requests

Add description

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Outgoing reference revisions (T)

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Reference subject communication attempts (T)

The number of times attempts have been made to contact to contact an individual's referees.

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Reference subject comments (outgoing references) (T)

Any comments and additional information related to reference requests.

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Regulatory references obtained

A record of all regulatory references obtained for one individual.

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Firm(s) providing regulatory references (T)

A full list of all of the firms providing regulatory references.

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Employment history (T)

A full history of an individual's history of employment relevant to their current role.

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Conclusions and hiring decision (T)

Conclusions based on the results of regulatory references received as well as the decision to hire an individual or not.

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Incoming reference revisions (T)

Add description

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Reference subject comments (incoming references) (T)

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Fit and Proper Testing

it's a benchmark used to assess whether you are suitable to perform a controlled function. Those standards also apply when FCA Approved Persons get re-assessed.

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Fitness and Propriety Assessment Record

A record of an individual's current and previous fitness and propriety assessments.

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Purpose of assessment

A description of the reason(s) why a fitness and propriety assessment has been completed.

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Information completeness

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Sources of Info - Honesty and Integrity

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Sources of Info - Competence and capability

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Sources of Info - Financial soundness

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Expected date and type of next review

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Fit and proper assessment criteria

The criteria used to determine an individual's fitness and propriety to carry out their functions within a firm.

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Honesty, integrity and reputation

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Civil Proceedings

Any civil proceedings that an individual has been involved with in the past.

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Complaints

A record of any complaints which have been raised against a regulated individual.

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Criminal Proceedings

An indication that an individual is involved in or has been involved in criminal proceedings.

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Disciplinary Proceedings and Conduct Rules Breaches

Information about an individual's involvement with disciplinary proceedings by their employer or an appropriate regulator or any instances of them contravening the conduct rules.

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Register of Directorships and Positions of Trust

Disclosure of all Director roles held by an individual as well as any positions held within Trusts.

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Regulatory matters

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Competence and capability

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Qualifications

All of the required qualifications held by an individual which are relevant to their role.

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Performance Reviews

A record of each time an individual's performance has been reviewed by a superior.

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Training Record

A record of all training undertaken by an individual.

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Professional Bodies (T)

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Financial Advisors

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Adviser Qualifications

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Certificate level subjects

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Diploma level subjects

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Advanced diploma level subjects

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IFS DipFA

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Other Qualifications

Any other relevant qualifications which don't fit into the categorisations of 'Certificate level subjects', 'Diploma level subjects' or 'Advanced diploma level subjects.

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Permitted Areas of Advice

Areas in which an adviser is permitted to offer legal advice due to them have the relevant qualifications and competencies.

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Financial soundness

An assessment of numerous considerations regarding someone's financial soundness, and whether this will effect their ability to carry out their functions within a firm.

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Financial Soundness Assessment

The conclusion of an individual's Financial Soundness Assessment.

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Assets

A declaration of any relevant assets held by a regulated individual.

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Liabilities

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Income

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Expenditure

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Civil Proceedings

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Conduct Rules

The standards of conduct set out by the FCA that almost all individuals working in financial services firms are held to.

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Disciplinary Proceedings and Conduct Rules Breaches

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Training Record

A record of all training received and completed by an individual which is relevant to their role.

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