FCA is consulting on extending the implementation deadlines for parts of the SMCR for solo regulated firms. It plans that the 9 December 2020 deadline should be extended to 31 March 2021 for:
- the Conduct Rules taking effect;
- the date for assessment of Certified Persons as fit and proper; and
- submission of information about Directory Persons.
If firms are able to do their assessments and submit information earlier, they should do so and, of course, should not delay in removing from their roles staff who are not fit and proper. The consultation will run alongside the Parliamentary process Treasury is putting in place to allow the certification delays.
Consultation closes on 14 August.