| Link(s): | Conduct Rules | FCA REP008: Conduct Rules reporting for solo-regulated firms | FCA The Senior Managers and Certification Regime: Guide for FCA solo-regulated firms Handbook Notice 132 |
Context
The FCA has updated its Conduct Rules web page and its REP008 Conduct Rules reporting web page. Also, there is a key item of information in the recent Handbook Notice 132 (in paragraph 3.46) in relation to REP008 and RegData.
Key points to note and next actions
- The Conduct Rules web page update is to include specific reference to Individual Conduct Rule 6 and the Consumer Duty. The sixth Individual Conduct Rule requires all Conduct Rules staff to ‘act to deliver good outcomes for retail customers’ where the Duty covers their firm’s activities.
- The REP008 Conduct Rules reporting web page update is to include a link to the Conduct Rules web page, and a link to the SM&CR Guide for solo-regulated firms where firms can find (on page 45) a list of types of ancillary staff which are not captured by the Conduct Rules.
- In Handbook Notice No 132 the FCA confirmed that “REP008 will continue to be scheduled annually in RegData. It will only need to be completed and submitted if a firm has anything to report. If it is not completed and submitted, it will be removed from the firm’s schedule and will not show as overdue.” The REP008 will not, therefore, stay on the schedule in perpetuity as outstanding.
- There is no indication currently about how long the REP008 may remain on the schedule. Therefore, if a firm did have data to report on REP008, but missed the submission deadline, it may not have a chance to submit it later depending on when the return disappears from RegData.
- The FCA will communicate further with firms ahead of the October 2025 reporting deadline and monitor submission rates to review the nil returns approach if necessary.