Business disruption caused by the coronavirus pandemic has forced the Financial Conduct Authority (FCA) to delay the introduction of the Senior Managers & Certification Regime (SM&CR) to solo-regulated firms.
The FCA said in a statement on Wednesday (1 July) that the Treasury had agreed to delay the first of assessment of the fitness and propriety aspects of the Certified Persons element of the regime from 9 December 2020 to 31 March 2021, thereby giving firms "significantly affected by the coronavirus pandemic time to make the changes they need". With many of the requirements applicable to dual-regulated asset and wealth management sector firms as of December 2019, SM&CR introduces new administrative, regulatory and conduct rules that banks and other large financial institutions have been su...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes