Authors
Charlotte Hill

Charlotte Hill

Partner

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Daniel Hirschfield

Daniel Hirschfield

Senior professional support lawyer

Read More
Authors
Charlotte Hill

Charlotte Hill

Partner

Read More
Daniel Hirschfield

Daniel Hirschfield

Senior professional support lawyer

Read More

22 July 2020

Senior Managers & Certification Regime: extension of deadline for solo-regulated firms

  • QUICK READ

On 30 June 2020, the Financial Conduct Authority (FCA) announced that HM Treasury has agreed to delay the Senior Managers & Certification Regime (SMCR) certification deadline for solo-regulated firms from 9 December 2020 until 31 March 2021. The extension is intended to give firms affected by the coronavirus pandemic the necessary time to make the changes needed.

To ensure the SMCR deadlines remain consistent, alongside the parliamentary process, the FCA published a consultation paper on 17 July 2020 seeking views to extend the deadline (from 9 December 2020 until 31 March 2021) for the following requirements:

  • the date the Conduct Rules come into force
  • the deadline for submission of information about Directory Persons to the Register
  • references in the FCA's rules to the deadline for assessing Certified Persons as fit and proper (as agreed by HM Treasury). 

The FCA is asking for comments on the consultation by 14 August 2020.

The FCA reminded firms that SMCR implementation will require planning, time and effort to deliver effectively. Firms should continue their programmes of work and, if they are able to certify staff earlier than 31 March 2020, they should do so. Accordingly, the FCA will publish details of certified employees of solo-regulated firms from 9 December 2020 on the Financial Services Register.

Benchmark administrators have until December 2021 to train non-Senior Manager staff in the Conduct Rules. The FCA does not think COVID-19 will prevent them from effectively implementing the Conduct Rules and, in particular, as the Certification Regime and reporting of Directory Persons do not apply to benchmark administrators, the FCA is not considering an extension.

Help is at hand

If you would like to discuss the impact of the COVID-19 pandemic on your SMCR arrangements, please get in touch.
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