A new annual reporting requirement for solo-regulated firms which fall under SM&CR has been announced by the FCA.
The Conduct Rules are one of three components to the regime and are the standards of personal conduct which hold individuals to account. They apply to all employees except for certain ancillary staff.
This new report is called ‘REP008’ and is submitted via the FCA’s GABRIEL system.
A firm will need to report if they take disciplinary action against individuals (who are not Senior Managers) for breaches of the Conduct Rules and provide details of the breach.
This includes details regarding:
- the individual who committed the breach;
- which Conduct Rules have been breached; and,
- the disciplinary action is taken. ‘Disciplinary action’ means the issuance of a formal written warning, suspension/dismissal of a person, and any reduction or recovery of remuneration.
Firms must submit the REP008 annually. This is even if there have not been any Conduct Rule breaches which result in disciplinary action being taken.
Compliance Reporting and Laven
At Laven, our consultants are on hand to help identify the actions your firm needs to take to ensure you are compliant with new regulations and aware of all the risks outlined in this report. Whether this is through assisting with new policies and procedures that need to be put in place or providing online/in-person training for staff to make them fully aware of the regulatory burden.
Laven has also built Laven Tech, a unique Regulatory Technology (RegTech) solution that leverages advanced technology combined with our vast subject matter expertise. Our RegTech solution is designed to assist fund managers, service providers and investors to meet today’s growing demands.
