FCA webpage on annual Conduct Rules reporting requirement under SM&CR

Regulatory Updates | 17/08/20

The Financial Conduct Authority (FCA) has published a webpage on the new annual reporting requirement for solo-regulated firms falling under the Senior Managers and Certification Regime (SM&CR) to inform the FCA whether disciplinary action has been taken against individuals who are not Senior Managers for breaches of the Conduct Rules. The Conduct Rules set standards of personal conduct and apply to all employees of solo-regulated firms, including volunteers, contractors, and temporary staff, except certain specifically excluded ancillary staff.

Solo-regulated firms must submit the report (REP008) using Gabriel within two months of the end of the reporting period or must submit a nil report if no disciplinary action has been taken against a relevant person. The Conduct Rules have applied to Senior Managers, Certification Staff, and Directors of UK SM&CR firms who are not Senior Managers since 9 December 2019. The Conduct Rules were originally due to apply to all other employees from 9 December 2020, but the FCA is proposing to extend the deadline due to the pandemic.