The FCA has announced new plans to extend the deadlines for which FCA solo-regulated firms will need to have implemented its Certification Regime.

In June, the Treasury announced that the deadline that firms must have first assessed the fitness and propriety of their certified staff would be delayed until 31 March 2021.

The regulator has suggested a delay to the date the Conduct Rules come into force, however, will give firms who have been significantly affected by the coronavirus pandemic time to make the changes they need.

The FCA said it is consulting alongside the parliamentary process to give regulated firms certainty and finalise a policy as soon as possible, and added that it is asking for comments on the consultation by 14 August 2020.

FCA executive director of supervision, retail and authorisations, Jonathan Davidson, said: “These proposed changes recognise the exceptional stress placed on financial services firms by the COVID-19 pandemic and the importance for firms to fully and properly implement the Certification Regime and to train staff effectively in the Conduct Rules. 

“We continue to place great importance on the Certification Regime and the Conduct Rules and see this as an opportunity to raise the bar permanently around conduct, competence and culture in the financial services industry.”

Personal Finance Society chief executive, Keith Richards, welcomed the announcement and stated: “During the height of the lockdown measures we called for greater consideration by the regulator to ease the administrative burdens on firms.

“We therefore wholly support the delayed implementation deadlines for the Senior Managers and Certification Regime which will be welcomed across the sector.
  
“Advisers who still want to add their details to the register can do so, so this delay does not prevent consumers from benefiting from the register but it does ease the strain on advisers who have been affected by the pandemic.”

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