30 Jun News July 2019 – FCA and SMCR
As the holiday season approaches, we often start looking for something to read for when we’re sat on the beach or around the pool. So, here’s some good reading material.
The FCA have updated their webpages on SM&CR for solo-regulated firms with even more information to help you prepare ahead of 9 December, and have advised that they will be regularly updating the site.
There are also other resources on the website to help you:
• Guide for solo-regulated firms
• Guidance on Statements of Responsibilities and Responsibilities Maps
You can also watch a video of banking leaders’ experiences of adopting the SM&CR when the regime was first introduced for the Banks, following the issues around 2008.
There will be an email going out to all firms in the next six to eight weeks advising you what category your firm will be under SMCR, and there will be new forms available to change it if it’s wrong.
Core firms (which most brokers will be) will be automatically converted so it’s worth ensuring any changes you want to make are implemented as a matter of priority.
The FCA will be adding a FAQ document to the website in the next couple of weeks with the answers to the most commonly asked questions on SMCR.
Certification functions cannot be added until AFTER 9th December 2019 and firms will have up UNTIL 9th December 2020 to add them. The Directory showing these functions is unlikely to be available to view until after 9 December 2020.
The FCA intend to conduct supervision work into SMCR after December. This would be by phone or email audits. However, they will have 47,000 new firms fall under SMCR come December so don’t expect too much on this side straight away, but firms are reminded that they need to have everything in place for the implementation date as you just never know…
And in other news:
The FCA will be renaming the Firm Contact Centre. For regulated firms, it is likely to be changed to ‘The Supervision Hub’ and for Consumers, it will be ‘The Consumer Hub’. Further advices and new telephone numbers to follow.
The FCA will also be issuing a survey to all brokers in the next few weeks. This is voluntary and also anonymous – so why not have your say!
We hope that this is of help to you. As ever, if there is anything that we can help you with please let us know.