Taylor Wessing has launched an online tool to help individuals and businesses understand whether they will be affected by new Financial Conduct Authority (FCA) rules to be introduced next December.

The tool takes users through a series of questions that will help them assess what they need to do to comply with the extended Senior Managers and Certification Regime (SMCR), and the extent to which the new rules will apply to them.

The new regime is set to usher in new levels of accountability in the financial services sector, and will apply to senior management and any individuals with a high level of influence within a firm.

Sean Nesbitt, a partner in the firm's employment team, told Legal Week: "This is a simple, easy use of technology for companies to quickly analyse whether the regime applies to them. It analyses whether you're caught by the law and if so, what essential resources you need."

The online tool also provides pricing details for the firm's services – a move that comes at the same time as the introduction of new Solicitors Regulation Authority (SRA) requirements for firms to publish details of their fees for work in areas including conveyancing, probate, immigration, debt recovery and employment tribunals.

While Taylor Wessing's services in this area are not covered by the new SRA requirements, Nesbitt said it had voluntarily taken the decision to include prices to reflect the values of its clients.

"Transparency is a cultural aim of many of the businesses that we serve," he said. "They all say that simplification, demystification and empowering the consumer are part of their offering – so they want their law firm to be doing the same thing."

Prices listed include preparing "statements of responsibility" for the FCA at £250, and a half-day of training on the impact of SMCR rules, which is listed at £2,500.

According to Nesbitt, the tool was created after clients and the firm's own support lawyers spotting a clear need for it: "We worked with the financial services regulation team and our professional support lawyers. Our support lawyers realised there's a whole iceberg of our client base that can use us, and want us to be more proactive than reactive. A couple of hedge funds said to us that we are on top of it and we spotted there was a need for something radically simple."

The SMCR tool has been created using the Rainbird platform, and is available on Taylor Wessing's website.