April 20, 2021

SMCR Deadline

As of 31st March 2021, solo regulated firms were required to assess their certified staff as fit and proper under the Senior Managers and Certification Regime.

The FCA have checked their records and have found that a large number of firms have not submitted any Directory Persons data. They have carried out an analysis of non-submitting firms who previously had Approved Persons and will be sending emails to firms later this week requiring they confirm the reason why they believe they do not need to submit.

Any firms who leave the FCA with outstanding questions will be subject to further regulatory steps to ensure compliance or ultimately removal of permissions.