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FCA regulatory reminder – SM&CR December 2020 tasks deadline

FCA regulatory reminder – SM&CR December 2020 deadline for task completion

Background

  • 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.

Impacts

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

Next steps

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.

Click here if you would like to get in touch with us.