The new 8-page form will be introduced from 9 December and will apply to MIFID investment firms and optional exempt firms.
It will apply when firms appoint non-senior management function (SMF) directors to, or withdraw them from, their management body.
The detailed new form will coincide with the shift to the FCA’s new SMCR regime which applies from the same day and will bring significant changes for financial services firms.
The form asks for full details of the SMF person including a CV, education, career history and questions of business activities, directorships and whether there is a criminal record or civil proceedings have ever been instigated.
The SMCR regime will apply to all UK solo-regulated firms from 9 December. The FCA launched the Senior Managers Certification Regime (SMCR) in 2016 as a response to the 2008 banking crisis and the associated conduct failings such as LIBOR manipulation, at which point it was intended for banks, building societies and credit unions. The SMCR will be extended to all financial services regulated firms from 9 December.
The new form can be previewed here preview the form and will be available to download from the FCA Handbook from 9 December.
The FCA says that from 9 December if a firm’s management body changes they will need to download the form, complete it and return it to the FCA to keep the regulator abreast of changes. Initially the form needs to be mailed back to the FCA but from Q1 2020, it can be submitted via the FCA’s online platform Connect.
The FCA says any firms who do not currently have access to Connect should register now.
The FCA consulted on the changes in June and published final rules in September.
Professional bodies have issued guidance to members about the new SMCR regime and the changes it will bring.