On October 31, 2024, the Financial Conduct Authority (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.
FCA reporting requirements:
Firms must submit the REP008 report even if no breaches occurred during the reporting period (including NIL return). Breaches by Senior Managers are excluded and must be reported separately via Form C or D.
REP008 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.
