United Kingdom (and EU regulation)

FCA extends fitness and propriety assessment deadline for solo regulated firms

By Hannah Meakin (UK), Joe Bamford (UK), Arup Sen, Simon Lovegrove (UK) and Imogen Garner (UK) on July 1, 2020 Posted in Senior Managers, United Kingdom

The Treasury has agreed to delay the date on which solo regulated firms are required to have assessed their certified staff as fit and proper, from 31 December 2020 to 31 March 2021.

To ensure SM&CR deadlines remain consistent, and to provide extra time for firms that need it, the FCA intend to consult 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 Register
references in our rules to the deadline for assessing Certified Persons as fit and proper (which has been agreed by the Treasury)

The FCA does still intend on publishing details of certified employees of solo firms starting from 9 December 2020 on the Financial Services Register. The FCA encourages firms to provide this information before March 2021, where they are able to do so.

To access the full statement on the above, please click here.