Teaming up with... AVIVA

Welcome to the UKGI weekly regulation update service for Aviva ABC brokers

We hope you find the Updates useful. If you are
interested in subscribing to our affordable
ABC compliance support package, please
email us at ABC@ukgigroup.com or
call UKGI on our dedicated ABC
contact line 01925 767893.

PS20/12: Extending the implementation deadline for the Certification Regime and Conduct Rules

Oct 29, 2020 | FCA, Policy Statement

Link(s): https://www.fca.org.uk/publications/policy-statements/ps20-12-extending-implementation-deadlines-certification-regime-and-conduct-rules

Context

The FCA has issued a Policy Statement (PS20/12) setting out the final rules in relation to the extension of deadlines for the Certification Regime and the Conduct Rules. 

Key points to note

  • The final rules confirm that the FCA has extended the deadline from 9 December 2020 to 31 March 2021 for the following:
    • The date the Conduct Rules come into force for staff other than Senior Managers, Certified Staff or Board Members
    • The date by which staff must have received training on the Conduct Rules
    • The deadline for submission of information about Directory Persons on the Register
  • The FCA is encouraging firms to meet the original deadline of 9 December 2020 wherever possible.
  • In the Policy Statement granting the extension to the deadline, the FCA is emphasising the importance of the Senior Managers & Certification Regime.  The Regime is fully in force and the FCA has an expectation that Senior Managers remain fully accountable both during, and after, the pandemic.
  • The FCA believes the 16-week extension period will give firms enough time to implement the Regime and the Regulator will not be making a further extension.

Next Steps

All firms must fully implement the Certification Regime and Conduct Rules and provide Directory Persons information by 31 March 2021.