FCA delays SMCR rules on coronavirus disruption

Extended to 31 March 2021 for solo-regulated firms

Business disruption caused by the coronavirus pandemic has forced the Financial Conduct Authority to delay the introduction of the Senior Managers & Certification Regime (SMCR) to solo-regulated firms.

The FCA said in a statement this morning (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, SMCR introduces new administrative, regulatory and conduct rules that banks and other large financial institutions have been sub...