Extension of SM&CR implementation period for solo firms

The FCA recently published an update and reminder about SM&CR for solo-regulated firms with the consultation on extending the Conduct Rules and Directory submissions deadline to 31st March 2021 now closed.

The FCA stated “The Treasury has agreed that the deadline for firms to assess the fitness and propriety of their Certified Persons will be delayed until 31 March 2021. We also propose to extend the deadline for the following requirements from 9 December 2020 to 31 March 2021:

  • the date the Conduct Rules come into force, for staff who aren’t Senior Managers or Certified Persons
  • the date by which relevant employees must have received training on the Conduct Rules
  • the deadline for submission of information about Directory Persons to the FS Register.”

In the update, there is also a reminder from the FCA about their expectations of a firms F&P process with positive and negative indicators and a reminder about the standards expected of Conduct Rules Training.

Find out more here.