This will include senior managers and certification staff in the respective firms.
By 9th December 2020, solo-regulated firms will need to ensure:
- all relevant staff are trained on the conduct rules and how they apply to their roles
- all staff in certified roles are fit and proper to perform that role and are issued with a certificate
- they submit data to the FCA for the directory of key people working in financial services
Jonathan Davidson, executive director of supervision for retail and authorisations, said: “The SM&CR is an important way to ensure that individuals take personal responsibility and it is a catalyst for driving cultural transformation.”
Michael Ruck, financial services partner at TLT LLP (pictured above), commented: “The SM&CR represents a cultural revolution in financial services.
“Leadership, in particular, needs to gain a comprehensive understanding of the regulation and of what a conduct breach looks like so that staff can be properly trained, ideally in a bespoke way.”