On 2 September 2020, there was published on legislation.gov.uk The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020.
The statutory instrument amends the Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) Regulations 2019 (the 2019 Regulations) as follows:
- Regulation 2(2) of the statutory instrument amends regulation 2(6) of the 2019 Regulations which brings into force on 9 December 2020 the employee certification provisions (as defined in regulation 2(8) of the 2019 Regulations) in relation to solo-regulated firms other than benchmark firms. Regulation 2(2) of the statutory instrument amends that date from 9 December 2020 to 31 March 2021; and
- Regulation 2(3) of the statutory instrument amends Regulations 3(2) and 3(3) of the 2019 Regulations by aligning the commencement of employee certification provisions for claims management companies to the revised date of 31 March 2021.
The FCA also held a consultation in July 2020, whereby firms were asked to provide feedback relating to extension of implementation deadline for the certification regime and conduct rules for FCA solo-regulated firms. The FCA notes that it received mostly positive responses to this consultation and intends to publish final rules and responses next month in a policy statement.