FCA is consulting on the practicalities of applying the SMCR to benchmark administrators – to whom the SMR will apply from 7 December 2020 (a year after the wider roll-out). The key proposals are that:
- all benchmark administrators are automatically “core” firms, but with ability to apply for a waiver to become “limited scope” firms if it seems proportionate;
- the Certification Regime will not apply; and
- the Conduct Rules will apply to almost all employees in line with its application to solo-regulated firms.
Consultation closes on 28 February 2020.