The Financial Conduct Authority (FCA) has proposed extending the deadline for firms to comply with additional requirements for its senior managers regime.
The City watchdog extended the Senior Managers and Certification Regime (SMCR) to all regulated firms last December but gave them a year to comply so affected individuals understood their roles and responsibilities and to give time for the FCA to be sent information for its register.
Amid the pandemic, the Treasury announced in June that the deadline by which firms must have first assessed the fitness and propriety of their staff will be delayed until 31 March 2021.
The FCA is now proposing adding this extension to when conduct rules will apply and for when information must be submitted for the financial register.
Firms, including peer-to-peer lenders, are still encouraged to comply earlier if they can do so.
“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,” Jonathan Davidson, executive director of supervision, retail and authorisations for the FCA, said.
“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’s consultation on the changes closes on 14 August.