On October 31, 2024, the FCA published REP008 reporting requirements, mandating solo-regulated firms under the Senior Managers and Certification Regime (SM&CR) to report annually on disciplinary actions for breaches of Conduct Rules by non-Senior Manager employees.
Reporting requirements
- Firms must submit the REP008 report even if no breaches occurred during the reporting period (nil return)
- Breaches by Senior Managers are excluded and must be reported separately via Form C or D
Deadlines
- Most firms: October 31, or the next business day if it falls on a weekend
- Limited Permission Consumer Credit (LPCC) firms: Within two months of their accounting reference date
Reporting periods
For most firms: September 1 to August 31 For LPCC firms: Their annual financial reporting period ending on the accounting reference date
Additional notes
- Reports must include any breaches under appeal and updates on appeal outcomes in the following year’s report
- Failure to submit REP008 by the deadline will incur a £250 late fee
This initiative aims to reinforce accountability and ensure compliance under the SM&CR framework. Firms are reminded to ensure all
relevant employees, contractors, and temporary staff subject to Conduct Rules are included in their assessments.
