Warning for firms who have failed to comply with SM&CR

The FCA has revealed that thousands of solo-regulated firms are in breach of the Senior Managers and Certification Regime by not meeting the 31 March deadlines.

Firms were required to carry out a fitness and propriety assessment on staff within scope of the certification regime by 31 March and should have submitted data on Directory Persons to the FCA Register.

The directory provides a list of certified and assessed persons on the Financial Services Register and allows consumers to check details of relevant individuals within financial services.

Unfortunately, the FCA has noted that firms across multiple sectors have failed to provide any information and has emailed firms to remind them to submit.

Whilst it is mainly IFAs and Mortgage Advisors who would be affected (having held the CF30 permission under the Approved Persons Regime), some insurance brokers may have received the email if they held these permissions or were within a firm that also did mortgage or IFA business.

If you have received an email from the FCA, do not ignore it! You must complete the submission within the timeframe issued or provide a valid reason why you do not need to submit. Failure to take action could result in fines, regulatory intervention or even the removal of permissions.

If you need any assistance, RWA is here to help!

About the author

Kirk joined RWA in 2015, having worked in the financial services sector for many years. He started out in both the general insurance and mortgage advice arms of HSBC, before becoming the Compliance Officer at Go Compare and Training & Competence Manager at Optimum Credit. 

At RWA, Kirk is Deputy Head of Compliance. He supports RWA clients by looking after their compliance, training and competence needs and keeping them up to date with regulatory changes. He promotes the achievement of fair customer outcomes and specialises in designing and implementing T&C schemes for firms of all sizes.

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