Delay to SM&CR dates confirmed

We previously advised that the FCA had proposed a delay to the deadline for the first assessment as fit and proper for individuals in a certificated role – for example financial advisers. That required the Treasury to issue a statutory instrument to enable the delay. As of 2 September, following a request from the FCA, the Treasury has made a statutory instrument to delay, from 9 December 2020 until 31 March 2021, the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified Persons. 

The FCA has also consulted to change to the same date in the FCA Handbook, the deadline for the following requirements: 

  • the date the Conduct Rules come into force, for staff who are not Senior Managers or Certification Staff;
  • the deadline for submission of information about Directory Persons to the Register.

Confirmation of this is likely to be published in October 2020.

You can read the FCA statement in full here.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

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Our View

While it is helpful that extra time has been allowed to reflect any difficulties that firms might be having in light of the Covid-19 emergency, we would recommend that firms aim to complete certification assessments and remaining conduct rules training as soon as possible. Most firms should be able to do so by the original 9 December 2020 deadline.

Action Required By You

For information.

If you would like assistance with implementing SM&CR, including Conduct Rules training, contact us.

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About the Author

Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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