On 10 July 2019, the FCA published a new web page, ‘Senior Managers and Certification Regime: Finalising FCA Rules’.
On the web page the FCA explains that the Senior Managers and Certification Regime (SM&CR) is due to be extended to FCA solo regulated firms including claims management companies (CMCs) from 9 December 2019.
However, given the importance of sector-specific considerations, the FCA states that it has requested and agreed with HM Treasury a later commencement date for benchmark administrators. This will give the FCA time to carry out a dedicated consultation for benchmark administrators before making final rules for this sector. The revised commencement date for benchmark administrators will be announced at a later date.
The FCA also reminds firms that its near final rules provide that CMCs will not come into scope of the SM&CR until they have been authorised by the FCA.
The FCA’s announcement does not affect the timing of commencement for any other firm.