On 14 August 2020, the FCA published a new web page concerning the annual conduct rules reporting requirement that the Senior Managers and Certification Regime introduced for solo regulated firms. The report is called REP008 and it has been added to all solo regulated firms’ Gabriel schedules.
The web page covers:
- When to submit REP008.
- Who to include in REP008.
- Appeals against disciplinary action.
- Sole traders.
- Personal data provided in REP008.
The FCA states that the first REP008 report should only include whether the firm has taken disciplinary action against certification staff and directors of UK firms who are not senior managers for breaches of the conduct rules and, if so, details of the breach. If a firm does not have any certification staff or directors who are not senior managers, the firm must submit a nil return on the first REP008.
After 31 March 2021, disciplinary actions for breaches of the conduct rules by all individuals who are subject to the conduct rules (apart from senior managers) should be included in REP008. If a firm does not have any individuals who are subject to the conduct rules (other than senior managers), then the firm must submit a nil return in REP008.
