March is almost here and Spring is in the air. So probably the last thing you are thinking about is whether you and your firm are ready for the Senior Managers and Certification Regime?
However, the deadline for full implementation is 31 March 2021, deferred from 9 December 2020, and only a matter of weeks away.
Submit now!
You will need to have certified all relevant staff and delivered Conduct Rules training to all those who haven’t yet received it. Don’t delay and wait until the deadline of 31 March. Acting now will ensure there is enough time to ask questions and make sure the data you submit is correct.
You must submit your Directory Persons data, via Connect, by 31 March 2021 but the FCA recommends that, if you are able to do so, you should submit sooner. The FCA will incrementally display data as they receive it.
It is also important that you don’t wait until 31 March to remove staff who are not fit and proper from certified roles.
If you are unsure whether you or your firm are affected or what steps you need to take now, there is further detail on the FCA website, including a user guide for firms and a SM&CR podcast.
Pension transfer advice – assessing transfer risk
Alistair MacDougall Compliance 2015, 2018, 2019, 2021, DBAAT, Drawdown, FCA, Pension, Pension Transfer, PI, transfer
It has been well publicised that the FCA has aimed increasingly close scrutiny in the direction of firms that have been providing advice in relation to defined benefit pension transfers. Apparently caught off guard by the then Chancellor’s introduction in the Pension Schemes Act 2015 of what are generally called ‘pension freedoms’, the regulator has […]