FCA invites views on Certification Regime deadline extension

The FCA has today published a consultation paper on making changes to its rules following the extension to the Certification Regime implementation deadline. Due to COVID-related impacts, the Treasury announced in June that the deadline by which firms must have first assessed the fitness and propriety of their Certified Staff will be delayed until 31st March next year.

For consistency with other SM&CR deadlines, the regulator is proposing that the deadline for the FCA is consulting on extending the deadline for the following requirements also be changed to 31st March 2021:

1. The date the Conduct Rules come into force
2. The deadline for submission of information about Directory Persons to the FS Register
3. Changing references in the rules to the deadline for assessing Certified Persons as fit and proper (which has been announced by the Treasury)

Jonathan Davidson, FCA executive director of supervision, Retail and Authorisations, said: "These proposed changes recognise the exceptional stress placed on financial services firms by the Covid-19 pandemic and the importance for firms to fully and properly implement the Certification Regime and to train staff effectively in the Conduct Rules.

"We continue to place great importance on the Certification Regime and the Conduct Rules and see this as an opportunity to raise the bar permanently around conduct, competence and culture in the financial services industry.

"We expect firms to use this extra time, if they need it, to implement Certification and Conduct Rules training to the highest standards."

The regulator is asking for comments on the consultation by 14th August 2020.

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