The FCA has announced that they are intending to extend the implementation period of the Senior Managers & Certification Regime (SM&CR) regime for FCA solo regulated firms (more information here).

The FCA has realised some firms may not have the resources to effectively complete all their ‘next tasks’ as far as SM&CR is concerned, notably:

  • Ensure the conduct rules are in place (this is for all other colleagues - remembering that conduct rules should already be in place for those who are performing SMF or CI functions)
  • Submit the data to the FCA so they can update the Directory of Approved Persons (i.e. send them the names and details of all our Certified Individuals)
  • Complete the FIT and Proper assessments of all Certified Individuals

Currently, the requirement is to get the above tasks completed by the 9 December 2020. This proposal by the FCA (which they will consult on) is to extend the deadline to 31 March 2021. This seems a very sensible move at a time when firms are struggling with COVID-19 and will particularly help motor dealers who are also having to content with the motor finance changes on the horizon.

The extension does not preclude any dealer implementing the regime by the original 9 December date and in fact FCA states that where firms can complete on time, they should. However, the extension will take the pressure off where the initial deadline proves difficult to be met.