Context
Firms should be getting ready to complete their REP008 – reporting to the FCA Conduct Rules breaches that resulted in disciplinary action. This will be firms second report but the first covering a whole year. The previous one was only for the period 1st April 2021 to 31st August 2021 as the SM&CR Conduct Rules for all staff only came into force for solo-regulated firms from 31st March 2021, with implementation being delayed because of Covid-19.
Key points to note
- It covers the period 1st September 2021 to 31st August 2022 and needs to be submitted by the end of October.
- If there have been no breaches to report firms should submit a return.
- Firms should look at any disciplinary actions taken within the period and consider whether they amount to a breach of the Conduct Rules and will therefore need reporting.
Next actions
None – for information and awareness.