Key regulatory information: Directory Persons data submission deadline – 31st March

All firms under the obligations of SM&CR must have identified, certified & assessed their Certified Staff (“Directory Persons”) and have submitted the relevant information to the FCA before 31 March 2021. This is mandatory for firms to remain compliant with their FCA regulatory requirements, however,  many firms are still working to meet the deadline.

For solo-regulated firms wishing to submit information via multiple forms the deadline was the 18th March, to give the regulator enough time for processing. Firms still needing to submit Directory Persons information after this date should use the single-entry form but can recommence using the multiple form from 1 April.

Given the proximity to the deadline the FCA expect a high volume of submissions, firms should allow 24 hours for processing. It is advised to submit as early as possible to ensure the FS Directory is up to date by the deadline. The FCA will be adding notification messages on possible outages to Connect (‘Latest News’ section) and they request firms not to contact the Supervision Hub on questions related to this.

For useful information on the Certification Regime and a full list of the certification functions under the SM&CR, please review the Guide for FCA solo-regulated firms and accompanying Policy document. The FCA’s Directory website also includes user guides for firms and FAQ’s.

How Complyport can help

Complyport are assisting a number of firms to ensure they are fully compliant with their SM&CR obligations and meet the deadline. We would be happy to answer any questions you may have in regard to certification functions and overall best practice on this subject.

SM&CR Readiness Audit and Consultation

We can provide a readiness audit to help firms understand the necessary steps to remain compliant.

Our experienced team will guide you through the rules and regulations and can undertake remedial action to ensure that you meet the FCA’s requirements.

Training

Complyport can provide access to our SM&CR and conduct rules e-learning courses or bespoke face to face training for your team. With our SM&CR and conduct rules training, we can equip you and your colleagues with the essential skills to remain compliant.