FCA extends implementation deadline for certification regime and conduct rules

Posted: 28/10/2020

The Financial Conduct Authority (FCA) has extended the deadline for solo-regulated firms to assess the fitness and propriety of their certified persons for the first time and to issue certificates. Firms now have until 31 March 2021 to assess and certify staff.

The extension has been agreed to help firms significantly affected by the coronavirus pandemic and for whom the pandemic may have frustrated the full and effective implementation of the new rules.

To ensure consistency, the FCA has also extended until 31 March 2021 the deadlines for the dates:

• the conduct rules come into force for staff who are not senior managers, certification staff or board directors;
• to train those staff on the conduct rules; and
• for submission of information about directory persons to the Financial Services Register.

The FCA is however encouraging all firms to meet the original deadline of 9 December 2020 where possible.

The FCA has confirmed that for solo-regulated firms it will still start to publish details on the Financial Services Register of certified persons from 9 December 2020.

Again, where firms can provide this information for inclusion on the Financial Services Register before March 2021, they should do so.

For information on how to ensure your business complies with the Senior Managers and Certification Regime (SMCR), please contact Tom Walker or Hester Jewitt in the financial services regulation group.

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