STOP PRESS: Directory Persons Information

We have received the following from the FCA. ATEB can help firms get over the line – call +44 (0) 191 338 8177 or email info@atebcompliance.co.uk

As you are aware, solo regulated firms were required to assess their certified staff as fit and proper; and submit relevant Directory Persons information to us by 31 March 2021. This deadline has now passed and our records indicate that a large number of firms across various sectors have not submitted any Directory Persons data. 

In order to mitigate possible consumer harm in the immediate term, we have carried out an analysis of non-submitting firms who previously had Approved Persons and prioritised firms that provide consumer facing activities. We will be sending emails to about 2,800 such firms, allowing them a short time frame to carry out the assessment and submit their information. The categories are: 

  • Firms with individuals carrying out controlled functions (CF30) which were withdrawn as part of SM&CR and have following regulated activities – Designated Investment Business and The Lloyd’s Market.
  • Mortgage advisor firms (that have the following regulated activities – Arranging (bringing about) a home reversion plan, Advising on a home reversion plan, Arranging regulated mortgage contracts, Advising on regulated mortgage contracts) 

The emails will be sent between Wednesday 21 April and Friday 23 April. Firms will be required to make the required submission within a week or confirm to us the reason why they believe they do not need to submit. 

Following the deadline, the list of firms who have still not submitted or have not confirmed to us that they do not have any Directory Persons will be passed to the Late Returns team to process the £250 admin fee, pending all necessary further regulatory steps to ensure compliance or ultimately removal of permissions (e.g. for gone away firms).”

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.

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About the Author

Shirley has a wealth of industry experience and proven track record of working closely with firms to deliver high quality compliance and T&C solutions across a wide range of regulatory disciplines.

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