On 28 October 2020 the FCA published policy statement PS 20/12. This formalises the extension, granted by the FCA, of various looming SM&CR deadlines. The extensions were felt necessary due to impact of Coronavirus of firms and are summarised below:
| Description | Original date | Revised date |
|---|---|---|
|
Date Conduct Rules come into effect for staff who are not Senior Managers, Certification Staff or board directors |
9 December 2020 |
31 March 2021 |
|
Date on which ‘Conduct Rules staff’ must have received training on the Conduct Rules |
9 December 2020 |
31 March 2021 |
|
Deadline for submission of information about “Directory Persons” to the FCA Directory* |
9 December 2020 |
31 March 2021 |
|
Deadline for FCA solo-regulated firms to have undertaken first F&P assessments on Certified staff |
9 December 2020 |
31 March 2021 |
*Also applies to Appointed Representatives
The changes do not apply to benchmark administrators.
The FCA believes that the majority of firms should still be able to comply with the original deadline of 9 December 2020 and encourages firms to do just that wherever possible. Either way, it warns that it will not make any further extensions – even in the event of a second wave of Coronavirus.
This is still quite a ‘to do’ list, so use the time wisely!
Corterum can help to ensure that you can meet these new deadlines quickly, completely and efficiently:
