The Treasury has agreed to delay the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons.
To ensure Senior Managers & Certification Regime (SM&CR) deadlines remain consistent, and to provide extra time for firms that need it, the Financial Conduct Authority (FCA) is consulting on extending the deadline for the following requirements from 9 December 2020 to 31 March 2021:
- the date the Conduct Rules come into force
- the deadline for submission of information about Directory Persons to the Register
- references in their rules to the deadline for assessing Certified Persons as fit and proper (which has been agreed by the Treasury).
This will give firms significantly affected by the coronavirus pandemic time to make the changes they need.
Senior Managers must ensure that Conduct Rules training is effective, so that staff are aware of the Conduct Rules and understand how they apply to them in their jobs. These programmes will require planning, time and effort to deliver effectively.
Firms should continue with their programmes of work in these areas and, if they are able to certify staff earlier than March 2021, they should do so.
Also see the BVRLA’s SM&CR guidance.