Personal Injury and Medical Negligence Limitation Period
With the introduction of the Senior Managers and Certification Regime fast approaching the Financial Conduct Authority (FCA) has on 6 January issued a consultation paper on the technical rule changes required in advance of 7 March 2016. The changes proposed reflect the removal of the requirement on firms, as set out under section 64B(5) of the Financial Services and Markets Act 2000 (FSMA), to report known and suspected breaches of the Rules of Conduct to the Financial Conduct Authority (FCA).
The Consultation Paper sets out how the FCA intends to implement the consequential changes to rules and forms that will be required prior to commencement of the regime. Confirming that it is amending the relevant forms with a view to “streamlined” reporting requirements, it sets out that firms will only be required to inform the FCA of disciplinary action taken against staff as a result of a breach of one or more Rules of Conduct. The pre-existing obligation to report material breaches of the rules will remain.
Whether the rule changes will have any implications for the recent regulatory references proposals will be considered. (See our blog on this). The FCA will provide feedback in the corresponding Policy Statement in due course.
A short timeframe for feedback has been set at 5 February 2016.
To find out more about the Senior Managers and Certification Regime and the timeline for implementation see here.
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