FCA updates on SMCR and reporting

FCA has reminded solo-regulated firms of the new annual reporting requirement that will oblige them to tell FCA whether they have taken disciplinary action against individuals who are not senior managers for Conduct Rule breaches. The new REP008 form must be completed in Gabriel, and must include details of who committed the breach, which rule was breached and the disciplinary action the form took.  Disciplinary action for these purposes is a formal written warning, suspension or dismissal or reduction or recovery of remuneration.  Nil returns are also required, and must be made within 2 months of the end of the reporting period.

FCA has also added to its website some positive and negative indicators of fitness and propriety and Conduct Rule compliance.

Emma Radmore