The Financial Conduct Authority (FCA) has delayed the Senior Managers & Certification (SMCR) certificated staff requirements for solo regulated firms until March 2021 due to the impact of Covid-19. In a statement on its website the regulator said the Treasury had agreed to delay the process from 9 December 2020 until the end of March 2021 to ‘give firms significantly affected by the coronavirus pandemic time to make the changes they need’. Firms were due to have undertaken their first ‘assessment of fitness’ and assign their certified persons by 9 December of this year. Relatively few pawnbrokers have certificated managers, but those who do have will now have until 31st March 2021 to complete training and reviews of these managers. FCA also reminded firms that all staff must be trained and be aware of conduct rules.
‘Senior managers must ensure that conduct rules training is effective, so that staff are aware of the Conduct Rules and understand how they apply to them in their jobs. We will produce further communications about our expectations.’