FCA will maintain a directory of certified and assessed persons
What is happening?
Under the Senior Managers and Certification Regime, the FCA will publish and maintain a directory of certified and assessed persons on its Financial Services Register so that consumers and professionals can check the details of key individuals working in financial services. Solo-regulated firms must submit their own data for this.
What do you need to do?
Solo-regulated firms must submit their directory persons data via Connect by 31 March 2021 using the single-entry submission form. Earlier dates apply if they wish to use the multiple-entry submission form and/or if they wish their data to appear from earlier dates starting in December. The FCA will begin to incrementally display data from solo-regulated firms as it is submitted – the data will start to be published from 14 December 2020. The last date for single entry submissions to appear from the outset of this publication is 9 December 2020.
Solo-regulated firms are required to submit their directory persons data using the Connect system. This data, which will be owned and maintained by firms, will be published on the Register.
Firms with more than ten directory persons (including, potentially, some AR staff members if the firm has ARs) can submit using the multiple add or amend submission form, and they will need to be assigned a timeslot to do so The FCA has contacted around 2,000 firms which may want to use multiple add or amend data submission, based on the number of directory persons they employ. If a firm has not been contacted about a multiple add or amend time slot, but has more than 10 directory persons and wants to use the multiple add or amend template submission method, it should note that firms submitting before the earliest publication date should submit between 26 November and 4 December. Firms can use the single submission form to submit up to 9 December, and their data will appear from mid -December. Firms submitting after the earliest publication date but before the deadline, should submit between 11 January and 18 March. Firms can use the single submission form to submit up to the 31 March 2021 deadline.
How can we help you?
If you’d like to know more about how we can help you with your directory persons compilation or regulatory reporting, or with any other aspect of FCA compliance, our expert team is here to help.
Contact us today on 0207 436 0630 or email info@thistleinitiatives.co.uk.