17th July 2020

The Financial Conduct Authority (FCA) has published Consultation Paper 20/10 (CP20/10) which looks to make changes to its rules following the extension to the deadline by which FCA sole-regulated firms need to have implemented the Certification Regime. HM Treasury announced in June 2020 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.

The regulator said that the delay will give firms, which have been significantly affected by the Coronavirus pandemic (Covid-19), extra time to fully and properly implement the Certification Regime and to train staff effectively in the Conduct Rules, should they need it.
To ensure other Senior Managers & Certification Regime (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 FS Register
• Changes to references in the rules to the deadline for assessing Certified Persons as fit and proper

The FCA said that if firms are able to certify staff and submit information about Directory Persons to the FS Register earlier than March 2021 they should do so. The FCA will still publish details of certified employees of solo firms starting from 9 December on the FS Register as this published information is expected to be of immediate benefit to consumers and firms. .
Members may access CP20/10 by clicking here.

The FCA is asking for comments about CP20/10 by 14th August 2020.

BIBA will be submitting an official response to the consultation paper.  Members who would like their comments to be taken into consideration as part of this process should send them to David Sparkes at [email protected] by 1st August.

BIBA members’ compliance and regulation queries should be directed to: [email protected].

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