FCA gives firms a year for certification tests under SM&CR

In its consultation paper proposing how it will move financial services businesses over to the SM&CR, the Financial Conduct Authority (FCA) said firms would have 12 months to complete fitness and propriety assessments and to put the certification paperwork in place. The paper said: "Once a year, firms will need to confirm their certified staff are fit and proper for their roles. They will have to do this even if the individuals were in these roles before the Certification Regime comes into force, or were approved by the FCA under the Approved Persons Regime. Some people who previously ne...