FCA Delays the Second Stage of the Implementation of parts of the Senior Managers Regime
On 30th June FCA announced a consultation on proposals to defer the deadline for implementing certain aspects of the second stage of the Senior Managers and Certification regime for solo regulated firms including consumer credit firms. FCA proposes to defer the deadline from 9th December 2020 to 31st March 2021 for:
- The extension of the Conduct Rules to all employees
- The assessment of the fitness and propriety of certified staff, although this will only affect a small number of consumer credit firms.
Firms will continue to be expected to conduct the annual reviews of the fitness and propriety of Senior Managers and the annual reviews of their Statements of Responsibilities by 9th December.