SM&CR annual reporting
What is happening?
SM&CR introduced a new annual reporting requirement which firms must complete and submit to the FCA using GABRIEL. The report is called REP008 and firms will use it to tell the FCA whether they have taken disciplinary action against individuals who are not Senior Managers for breaches of the Conduct Rules (COCON). A nil return is required if there have been no breaches resulting in disciplinary action.
What do you need to do?
The first REP008 is due on 02/11/20 for the period 09/12/19 to 31/08/20, except for limited permission consumer credit firms. For the first return, only certain individuals (certification staff and UK firm directors who are not Senior Managers) will be in scope for the report.
The FCA has published guidance to help firms understand the new REP008 reporting obligation.
How can we help you?
If you’d like to know more about how we can help you with your regulatory reporting or SM&CR arrangements 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.