YOUR COMPLIANCE MATTERS:   SMCR and The Directory  

YOUR COMPLIANCE MATTERS:   SMCR and The Directory

Relevance:                 Any firm that has appointed “Certified” persons or Non FCA Approved Directors.

Action required:       Ensure relevant assessment made and input on the FCA Connect system.

As we have previously advised, under the Senior Managers and Certification Regime (SMCR), the FCA is to publish and maintain a directory of “certified and assessed persons” on the Financial Services Register so that anyone can check the details of key individuals working in financial services.

This covers both ‘Certified’ staff and Directors not requiring FCA approval, including Non-Executive Directors.

We are aware that not many of our client firms will have “certified and assessed persons” and where we know of them, we are usually involved in ensuring that those firms are making the data submission required.

However, we felt that it would be useful to remind firms of their obligations if they choose to appoint someone in a position that might be classed as a “certified and assessed person”.

·      Firms must submit their directory person’s data using the FCA’s Connect system by 31 March 2021.

·      Details of any new appointments of “certified and assessed persons” must be submitted as they occur.

·      This data will be published on the FS Register but will be owned and maintained by firms,

·      Certified and Assessed Persons consist of:

• All Certified staff (those holding a certification function under the SMCR).
• Directors who are not performing Senior Manager Functions (SMFs) – both executive and non-executive.
• Other individuals who are sole traders or ARs (including those within ARs) where they are undertaking business with clients and require a qualification to do so.

·      Certified and Assessed Persons information to be published on the Financial Services Register includes:

• Name and any previous names.
• Roles with start and end dates.
• Activities undertaken.

·      For customer-facing roles requiring a qualification:

• Customer engagement methods.
• Workplace location (where relevant).
• Memberships of professional bodies.

We are happy to discuss this matter with any firm thinking of altering duties within their management team.