News
Michael Beaton

Fit and Proper testing deadline delayed

It took a while but the FCA has finally addressed the elephant in the room… On 30 June 2020, due to the ongoing Coronavirus pandemic, the FCA published a press release confirming that the deadline for FCA solo-regulated firms to have undertaken the first round of fit and proper testing for certified employees has been

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News
Michael Beaton

Publication of FCA Directory delayed

The FCA has updated its Coronavirus website.  On the SM&CR front, the introduction of Directory of Certified Persons (which was due to be published on the Financial Services Register before the end of June 2020) has been pushed back to “H2 2020”. We’ll continue to provide updates as the situation develops. To make sure that

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Uncategorized
Michael Beaton

Senior Managers Regime for all benchmark administrators looms into view

On 2 June 2020, the FCA published Policy Statement 20/5, “Extending the Senior Managers Regime to benchmark administrators: final rules”.  Under the policy statement, from 7 December 2020, the FCA intends to extend the Senior Managers Regime and the Conduct Rules to UK-authorised benchmark administrators that do not undertake any other regulated activities (“In-scope Firms”).[1] 

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News
Michael Beaton

FCA formalises relaxation of 12-week rule

On 6 May 2020, the FCA published a SM&CR-related modification by consent on its website, the purpose of which is to alleviate the burden on firms which may be affected by temporary Senior Manager absences due to the Covid-19 pandemic, for example, due to sickness or if the recruitment of an individual to replace a

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News
Michael Beaton

FCA provides Covid-19 relief in relation to professional qualifications

The Financial Services and Markets Act 2000 requires that all members of staff who are subject either to the Senior Managers Regime or the Certification Regime must be assessed as being fit and proper to perform their role.  Having necessary qualifications is one of the key criteria used to assess fitness and propriety.  Unfortunately, due

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News
Michael Beaton

Working from the office or from home during Covid-19?

FCA tells Senior Managers to decide. On 27 March 2020 the FCA published guidance on the way in which FCA-regulated firms should prioritise which members of staff should continue to travel to the office during the Coronavirus public health emergency. The FCA makes clear that each firm’s designated Senior Manager or equivalent person is responsible

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News
Michael Beaton

Publication of FCA Directory Delayed Due to Covid-19

Under the Senior Managers and Certification Regime (SM&CR) the FCA will publish and maintain a directory (the “FCA Directory”) of certified persons.  The purpose of this is to enable consumers and professionals to check the details of key individuals working in financial services. Under its original deadline, the FCA was due to publish the FCA

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News
Nick Railton-Edwards

SMFs likely to be Coronavirus Key Workers

Under SM&CR, Senior Management Functions (SMF) staff are likely to be afforded key worker status during the COVID-19 crisis.  20 March 2020 the FCA and the PRA published guidance for financial services firms on the identification of key workers. The principal privilege afforded key workers to date, is access to schools for children, if applicable

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News
Michael Beaton

Heads on the Block as LIBOR meets the SM&CR

On 19 November 2019, the FCA published a Q&A document regarding conduct risk during the transition away from LIBOR.  As the FCA notes, the discontinuation of LIBOR will affect many firms, in terms of: developing and offering new products linked to risk-free rates; assessing and reducing their own and clients’ exposure to legacy LIBOR contracts by amending

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Uncategorized
Anthony Wilkinson

Welcome to Corterum!

Hello and welcome to the Corterum blog. We’ll be sharing news, views and opinions on everything to do with the SM&CR, your obligations under the regime and impacts on your business from regulatory compliance – as well as anything else we think might be useful! Take a look around, check out our Knowledge Hub for

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