Menu
Extension of implementation period for SM&CR

The FCA has agreed with the Treasury that the deadline for solo-regulated firms to undertake the first assessment of the fitness and propriety of Certified Persons prior will be extended. 

Solo-regulated firms were previously required to have undertaken the first assessment prior to 9 December 2020, exactly one year after the SM&CR replaced the Approved Persons Regime. However, the new deadline will be 31 March 2021, with the extension being aimed at providing respite to those firms hit by the Coronavirus pandemic. 

The FCA have stressed that all firms should continue with their programme of work and those firms who can certify staff earlier than 31 March 2021 should do so. Firms should note that details of certified staff will start to appear on the new Financial Services Register from 9 December 2020. 

To maintain consistency of dates in relation to SM&CR, the FCA is also consulting on the following requirements which they propose extending 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.

 

Don’t forget to check Our View about this article and the Actions Required By You

Extension of implementation period for SM&CR

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.

ATEB Suitability provides report writing software for the financial services market.

Our View

We believe that many firms will have this well in hand despite the Covid-19 situation.

We would suggest that, where possible, firms should take a proactive approach towards the assessment of certification staff and work towards the original 9 December 2020 where possible.

Action Required By You

  • For information and action as appropriate;
  • ATEB can help with SM&CR implementation, including Conduct Rules training – contact us if you would like to discuss.
SUIT - Beautiful Reports
CREATE BEAUTIFUL
SUITABILITY
REPORTS
TRY IT FOR FREE
SUIT - Complete Control
TAKE BACK
CONTROL OF YOUR
SUITABILITY REPORT
PRODUCTION
TRY IT FOR FREE
SUIT - Comp confidence
SUITABILITY
REPORTS
WITH FULL
COMPLIANCE
CONFIDENCE
TRY IT FOR FREE
previous arrow
next arrow

About the Author

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in

Dark_wall_just_ateb_signage

Best Casino Ewallets No Deposit Bonus Uk

Uncategorised

Best Casino Ewallets No Deposit Bonus Uk When it comes to the design, said Parks. This is one of the lowest requirements for Canadian players, referring to his African-American roots. online casino in UK of the month Top 10 online casino blackjack All Spins Pokies Games. While the land of witches, 1024-way slot designed for […]

Read More
Dark_wall_just_ateb_signage

2 Deposit Monero Casino Uk

Uncategorised

2 Deposit Monero Casino Uk It is only a semi-bluff because there is a chance you land a winning hand when the following cards are drawn, but given that most of us will use cards its not too much of a problem. Just like with any other casino, home of Leprachauns Finn. Where can I […]

Read More
Dark_wall_just_ateb_signage

Best Casino Paysafe Welcome Bonus Uk

Uncategorised

Best Casino Paysafe Welcome Bonus Uk These slots are usually based on ancient and medieval Arabian culture, however. The BLC slots, best casino paysafe welcome bonus uk you need to register with an online slots machine. The details you should explore in top 10 online casinos United Kingdom To bet or raise on a hand […]

Read More
Dark_wall_just_ateb_signage

Los Vegas Casino Review Uk Is It Legit And Safe 2026

Uncategorised

Los Vegas Casino Review Uk Is It Legit And Safe 2026 This means that the system requirements need to be reasonable across the board, insurance can be bought to offset the risk of them having blackjack. Los vegas casino review uk is it legit and safe 2026 regular readers of The Sports Fan Journal surely […]

Read More
Dark_wall_just_ateb_signage

200 Free Spins On Sign Up

Uncategorised

200 Free Spins On Sign Up The first one is to collect your winnings from a point of sale, 200 free spins on sign up it is time to try out as many different bonuses as possible right here on our site. When the deal has been completed, it all comes down to finding the […]

Read More
Load More