Written by Ciara Davies
The FCA has published a policy statement on extending the implementation deadlines for solo-regulated firms under the Senior Managers and Certification Regime.
The policy statement sets out the FCA’s final rules and summarises the feedback it received to consultation paper 20/10 and its responses.
The deadline for implementing the following requirements is extended from 9 December 2020 to 31 March 2021:
Conduct rules for staff who are not senior managers, certification staff or board directors;
Training for relevant employees on the conduct rules;
Submitting information about Directory persons to the Financial Services Register; and
References in the FCA’s rules to the statutory deadline for assessing certified persons as fit and proper.
The FCA will also extend the implementation for claims management companies (CMCs) by an equivalent period. A CMC receiving full authorisation on for after 9 December 2019 will have just over 15 months after the date of its full authorisation to meet the same set of requirements as above.
To review the text making the Handbook amendments please click here.
The FCA is encouraging all firms to meet the original deadline of 9 December 2020 wherever possible.