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11 October 2021

For Claims Management firms, it is time to report to the FCA whether there has been any breaches of the Conduct Rules by submitting a REP008.  This relates to whether any disciplinary action has been taken against staff who are not Senior Managers (i.e. not a SMF holder) for breaches of the Conduct Rules.

FSMA gave the FCA new powers to write Conduct Rules and apply them to all employees within a firm – not just approved individuals. These are a new set of enforceable rules that set basic standards of good personal conduct, against which the FCA can hold people to account  Below is a quick reminder of what those rules are:

  1. You must act with integrity
  2. You must act with due care, skill and diligence
  3. You must be open and cooperative with the FCA, the PRA and other regulators
  4. You must pay due regard to the interests of customers and treat them fairly
  5. You must observe proper standards of market conduct

 The Conduct Rules apply to a firm’s regulated and unregulated financial services activities (including any related ancillary activities – i.e. an activity carried on in connection with a regulated activity).

If a firm doesn’t have any individuals who are subject to the Conduct Rules then the firm must submit a nil return in REP008.

If you do not have access to RegData (most CMCs do not) you will be sent a link by email from the FCA in the next few days in order to complete your return.

You still have to report even if there have been no breaches. You must submit a report annually.

The deadline for reporting is Monday 1 November 2021.

For more information, please visit https://www.fca.org.uk/firms/senior-managers-and-certification-regime/rep008-solo-regulated-firms or contact us on 01423 522599.

By Ian Beardmore

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