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    FCA to Extend SM&CR Deadline for Solo-Regulated Firms

    September 02, 2020

    Following a request from FCA, HM Treasury issued the statutory instrument to delay, from December 09, 2020 to March 31, 2021, the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons. In line with this development, FCA consulted to change this date in the FCA Handbook. FCA is now working to finalize its proposals and intends to publish final rules and responses to feedback in a policy statement in October 2020. FCA still plans to publish details of certified employees of solo firms starting from December 09, 2020 on the Financial Services Register. In case firms are able to provide this information before March 2021, FCA encourages them to do so.

    To ensure that the Senior Managers and Certification Regime (SM&CR) deadlines remain consistent and to provide extra time for firms that need it, FCA intends to consult on extending the deadline for the following requirements:

    • Date the conduct rules come into force
    • Deadline for submission of information about Directory Persons to the Financial Services Register
    • References, in its rules, to the deadline for assessing Certified Persons as fit and proper (which has been agreed by the Treasury) 

    FCA received predominantly positive feedback to the corresponding changes recommended in the consultation. To give regulated firms certainty, FCA intends to consult alongside parliamentary process, to allow it to finalize its policy as soon as possible. Firms should continue with their programs of work in these areas and, if they are able to certify staff earlier than March 2021, they should do so. Firms should not wait to remove staff who are not fit and proper from certified roles. The Certification Regime and reporting of Directory Persons do not apply to benchmark administrators, so FCA does not intend to move the deadline for benchmark administrators. Benchmark administrators have until December 2021 to train non-Senior Manager staff in the Conduct Rules. 

     

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    Keywords: Europe, UK, Banking, Insurance, Solo Regulated Firms, SM&CR, Operational Risk, HM Treasury, FCA

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