Given the 31 October this year is a Saturday, the reporting date for most solo-regulated firms is 2 November 2020.

The important thing to note, however, is that all firms must submit an annual notification even if there haven’t been any Conduct Rule breaches resulting in disciplinary action at that firm.
The FCA’s Conduct Rules – The New Requirement to Report, Coronavirus (COVID-19) Legal Insights Hub, FCA reminds firms to review value of their insurance products in light of impact of COVID-19, BI insurance appeal to be heard by Supreme Court on 16 November 2020, DWP sets out “Stronger Nudge” regime to protect savers and rein in Pension Freedoms, Latest BI insurance Court ruling – Loss of use because of lockdown does not constitute loss of property, FCA highlights risks of market abuse in a time of pandemic, Compensation and Benefits – Global Insights, O-I-CEE! The practical reality is that these remaining staff will almost certainly benefit from gaining an understanding of the Conduct Rules sooner rather than later.

The Conduct Rules do not yet apply to other employees until 31 March 2021.

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If returns are not submitted on time, a late return fee of £250 will be charged. After 31 March 2021, disciplinary actions for breaches of the Conduct Rules by all individuals who are subject to the Conduct Rules (apart from Senior Managers) should be included in REP008. In relation to all other staff, including those who perform Certification Functions, disciplinary action is reported annually using REP008 via the FCA’s Gabriel online reporting system.
Limited Permission Consumer Credit firms need to submit REP008 reports within 2 months of their accounting reference date, or the next business day if this falls on a weekend.

Examples include updating code of conduct policies to specifically reference the Conduct Rules under SMCR and specifically drawing attention to the changes, incorporating clauses within employment contracts around adhering to the Conduct Rules (and indeed any other regulatory expectations), and incorporating employee compliance with the Conduct Rules into the appraisal cycle. Many of the sections in that guidance contain helpful “Things to consider” bullet points. These cookies are enabled at all times and are placed on your browser only in order to protect the integrity of our site and to ensure that we can remember your cookie preference settings the next time you visit.

The REP008 has been added to all solo-regulated firms’ Gabriel schedules so checking this is an easy way to determine when your report is due. UK Finance Disputes and Regulatory Investigations Blog, More from UK Finance Disputes and Regulatory Investigations Blog, FCA reminds firms to review value of their insurance products in light of impact of COVID-19, BI insurance appeal to be heard by Supreme Court on 16 November 2020, DWP sets out “Stronger Nudge” regime to protect savers and rein in Pension Freedoms, Latest BI insurance Court ruling - Loss of use because of lockdown does not constitute loss of property, FCA highlights risks of market abuse in a time of pandemic, SM&CR: Disciplinary Action and Conduct Rules Reporting for Staff at FCA-Regulated Firms, FCA publish new guidance for solo-regulated firms as first conduct reporting deadline under the Senior Managers and Certification Regime approaches, FAQs on the implementation of the FCA’s Conduct Rules (for solo-regulated firms), FCA Statement on Expectations of Solo-Regulated Firms, FCA expectations of solo-regulated firms re SMCR. They must be reported on separate forms using Connect Form D or Form C. Firms need only report disciplinary action for breaches of the Conduct Rules for individuals subject to the Conduct Rules at the time the breach occurred. Firms are required to report any disciplinary action taken against an individual for a breach of the Conduct Rules. To conclude, firms should be checking now whether they have any details to report on for their REP008 submission and should ensure that even if they do not have any such details they submit a nil return. For all other solo-regulated firms the reporting period is 1 September to 31 August. For Limited Permission Consumer Credit firms, the reporting periods is the firm’s annual financial reporting period ending on its accounting reference date. Rule 2320, the Best Execution Rule, states that: In any transaction for or with a customer, a member and persons associated with a Where an employee is appealing, or plans to appeal disciplinary action, this should still be reported in the REP008. If returns are not submitted on time, a late return fee of £250 will be charged. Senior Manager rule SC4 applies to all non-executive and executive directors. This is a requirement under section 64C FSMA and requires firms to report details about individuals who have committed breaches of the Conduct Rules, details of what Conduct Rules have been breached and details of disciplinary action taken (issuance of a formal written warning, suspension or dismissal, or the reduction or recovery of a person’s remuneration). Should you have any queries arising from this or any of the other briefings in this SMCR series, please do not hesitate to contact Jeanette, who will be very happy to help.

You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively, Insufficiently challenging or critiquing explanations and reports from junior employees, Failing to clearly delegate tasks to junior employees where necessary, Not seeking independent advice or expert opinion where necessary, SC2.

I greatly appreciate the inclusion of the Lexology service by the State Bar of Texas and have recommended that my friends and colleagues join the Corporate Counsel Section of the State Bar in order to obtain this service for themselves.”, © Copyright 2006 - 2020 Law Business Research. 3-B Observance of Government’s policies 6.

This website uses cookies to ensure the best possible user experience. It will not just be those in the most senior of positions whose actions and conduct will be measured against the Conduct Rules, as Jeanette Burgess explains. 3-A Promptness and Courtesy 5. Understand your clients’ strategies and the most pressing issues they are facing.

With a wide-range of webinars coming up this month, register for free and hear from legal experts covering the most poplar topics from around world. Rule Title of the Rules 1. You can change the way cookies are used through your internet browser settings but can also update your preferences through settings. Firms should also bear in mind, that their reports for next year will need to cover other employees, as well as Certification Staff and Directors who are not Senior Managers, and should set up adequate checks and recording procedures to ensure Conduct Rule breaches are reported when required to the FCA. The report is called REP008, and must be completed and submitted using Gabriel. Given the 31 October this year is a Saturday, the reporting date for most solo-regulated firms is 2 November 2020.

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