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

Open consultation: CP20/10
Consultation closed
Policy statement and Handbook rules

This Policy Statement (PS) sets out our final rules and summarises the feedback received to our consultation on extending implementation deadlines for the Certification Regime and Conduct Rules and our responses.

Read PS20/12 (PDF)

Why we are changing

Following a request from the FCA, the Treasury has made a statutory instrument to delay the deadline for solo-regulated firms to have undertaken the first assessment of the fitness and propriety of their Certified staff from 9 December 2020 until 31 March 2021.

In July 2020, we consulted to change to the same date, the deadline for certification in the FCA Handbook. We also consulted to give corresponding extensions to the deadline for training staff in the Conduct Rules and reporting Directory Person data.

We proposed to extend these deadlines to give firms significantly affected by the coronavirus pandemic (Covid-19) time to fully and properly implement the Certification Regime and to train staff effectively in the Conduct Rules. In giving extra time to firms that need it, we are reiterating the importance of the Senior Managers & Certification Regime. 

Who this applies to

These changes affect:

  • all FCA solo-regulated firms authorised to provide financial services under the Financial Services and Markets Act 2000 (FSMA)
  • Appointed Representatives (ARs) are in scope of the extension to the reporting deadline for Directory Persons

These changes do not apply to benchmark administrators.

Next steps

We encourage all firms to meet the original deadline of 9 December 2020 wherever possible. However, solo-regulated firms (except benchmark administrators) must have fully implemented the Certification Regime and Conduct Rules, and reported information on Directory Persons by 31 March 2021.The most updated information on submitting Directory Persons data can be found on our directory of certified and assessed persons page.