Conduct Rules Reporting
Did you realise there are new reporting requirements as of this month? No? Not many firms do! Don’t panic, we have summarised all the key points you need to know.
The new REP008 (conduct rules report) will need to be submitted and completed using GABRIEL from the 1st September. These must be submitted every year, even if there have been no breaches. Failure to submit REP008 by the reporting deadline can land you a £250 fee.
What am I reporting?
The conduct rules report is for firms to alert the FCA to any breaches, and provide details of the breach and any disciplinary action, for example, a formal written warning, suspension or dismissal. Conduct breaches should still be reported even if the employee appeals or is planning to appeal, and you should make the FCA aware of this.
When is this due?
The deadline to submit REP008 is 31st October (or the next business day if this is a weekend) as the first REP008 is due by 2nd November 2020. This report covers the period up to 31st August 2020.
The first years reporting period start date for FCA regulated firms is 9th December 2019 (for Certified Individuals only). The second years reporting start date is 31st March 2021 (for non-certified staff).
In subsequent years the reporting period for REP008 is 1st September to 31st August.
Reporting Senior Manager Conduct Rule Breaches
If the individual is continuing to act as a Senior Manager after disciplinary action, the FCA should be notified using Form D. If the individual will no longer be acting as a Senior Manager, you should inform the FCA via Form C. Firms have 7 business days after disciplinary action to report both to the FCA.