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FCA deadline – November deadline for dual-regulated firms’ Directory Persons data

FCA deadline – November deadline for dual-regulated firms’ Directory Persons data

 

Background

  • The Financial Conduct Authority (FCA) published more reminders and updates on 26 October 2020 about its directory of certified and assessed persons
  • Under the Senior Managers and Certification Regime (SM&CR), the FCA will publish and maintain a directory of certified and assessed persons on the Financial Services (FS) Register so that consumers and professionals can check the details of key individuals working in financial services
  • Dual-regulated firms must submit their Directory Persons data via Connect by no later than 13 November 2020.
  • The FCA will begin to publish these data on the FS Register from 23 November 2020

Impacts

As part of the SM&CR, firms must submit their directory persons data using the FCA’s Connect system.  This data, which will be owned and maintained by firms, will be published on the FS Register.

Solo-regulated firms must submit their Directory Persons data via Connect by 31 March 2021 using the single-entry submission form.  Earlier dates apply if they wish to use the multiple entry submission form or if they wish their data to appear from earlier dates starting in December 2020.

The FCA will begin to incrementally display data from solo-regulated firms as it is submitted – the data will start to be published from 14 December 2020.  The last date for single entry submissions to appear from the outset of this publication is 9 December 2020.  Firms can submit their information earlier than March 2021 if needed.

Timeline with relevant dates to be logged on regulatory calendar

  • The relevant final submission date for dual-regulated firms is 13 November 2020

Next steps

All impacted dual-regulated firms must submit their Directory Persons data via Connect by no later than 13 November 2020.  The FCA will begin to publish these data on the FS Register from 23 November 2020.

Solo-regulated firms must continue to focus on submitting data by 31 March 2021.

If anyone has specific questions or needs any advice, contact our specialists.