Fig Bulletin, 12 July 2019

General

SMCR and Benchmark Administrators: FCA update

The UK Financial Conduct Authority (FCA) has published an update relating to the extension of the senior managers and certification regime (SMCR) to FCA solo-regulated firms.

The SMCR is due to be extended to FCA solo-regulated firms from 9 December 2019.

However, the FCA reminds firms that, on 9 December 2019, the SMCR will not apply to:

benchmark administrators, pending a consultation dedicated specifically to benchmark administrators; and claims management companies, until they have been authorised by the FCA. For further information, see our update: FCA issues senior managers and certification regime update.

FCA SMCR for solo-regulated firms: Form O deadline

The FCA has updated its website on the senior managers and certification regime (SMCR) for FCA solo-regulated firms to confirm that the deadline for firms to submit Form O (Opt Up Notification - for Core and Limited Scope firms only) is 24 November 2019.

FCA annual competition performance report for 2018/2019

The FCA has published its annual competition performance report for 2018/2019. In its report, the FCA gives an update on how it is delivering against its competition objective across financial services. The report covers the period 1 April 2018 to 31 March 2019. It draws on specific examples of the FCA's work and complements the FCA's wider annual report for 2018/2019.

FCA annual diversity report for 2018/2019

The FCA has also published its sixth annual diversity report for 2018/2019. The diversity report is produced annually to fulfil part of the FCA's public sector equality duty (PSED) under the Equality Act 2010 and related secondary legislation.

In its report, the FCA gives an overview of its strategy and approach towards diversity, summarises its key activities and successes over the last year and sets out its workforce profile and network groups.

The FCA states that a diversity of perspectives results in better judgements and better decision-making in the public interest. It reduces the risk of groupthink and encourages innovation. The FCA reiterates a recurrent theme it has been expressing recently as a regulator, that diversity and inclusion are central important features of how it evaluates firm culture and conduct.

FCA annual enforcement performance report for 2018/19

The FCA has published its enforcement annual performance report for 2018/19. The report complements the FCA annual report 2018/2019 and focuses on...