FCA regulatory reminder – SM&CR December 2020 deadline for task completion
- The FCA published its “Regulation round-up February 2020” on 20 February 2020.
- One topic strongly emphasised in that round-up is the Senior Managers and Certifications Regime (SM&CR).
- This reminder is relevant to all solo-regulated firms in any financial services role.
The following text is a copy of the FCA’s emailed content including weblinks:
Senior Managers and Certifications Regime (SM&CR)
The SM&CR is a catalyst for driving cultural transformation and sets a new standard of personal conduct in financial services.
By 9 December 2020 solo-regulated firms will need to ensure:
- all relevant staff are trained on the 5 Conduct Rules and understand how these rules apply to their roles
- all staff in certified roles are fit and proper to perform that role and are issued with a certificate
- all firms submit data to the FCA for directory persons working in financial services
This will take time so all firms should start preparing now.
Read the FCA’s SM&CR guide for solo-regulated firms for more information.
Timeline with relevant dates to be logged on regulatory calendar
- SM&CR deadline for completion of specific tasks – 9 December 2020
For any queries or to discuss further, the FCA advises firms to contact its dedicated Supervision Hub on 0300 500 0597. This is the primary contact for a firm’s day-to-day interactions with the FCA.