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FCA seeks views on their SMCR timescale extension

FCA seeks views on their SMCR timescale extension

The FCA have recently issued a request for input into their SMCR timescales extension, please see below.

Last week we published a consultation paper on making changes to its our rules following the extension to the deadline by which FCA solo-regulated firms need to have implemented the Certification Regime and Conduct Rules.
In June, HM Treasury announced that the deadline by which firms must have first assessed the fitness and propriety of their Certified Staff will be delayed until 31 March 2021. This delay will give firms, who have been significantly affected by the coronavirus pandemic (Covid-19), time to make the changes they need.
To ensure SM&CR deadlines remain consistent and to provide extra time for firms that need it, the FCA is consulting on extending the deadline for the following requirements 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
• references in the rules to the deadline for assessing Certified Persons as fit and proper (which has been announced by HM Treasury)
The FCA is asking for comments on the consultation by 14 August 2020. Should you have any questions please email cp20-10@fca.org.uk
Please refer to the website for more information.

Firms wishing to respond should click on the link above.

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