Since the implementation of the Senior Managers and Certification Regime (SM&CR) in December 2019, firms will see an additional change in their Gabriel reporting requirements.
Firms are now required to complete a REP008, or Notification of Disciplinary Action relating to staff captured by the conduct rules.
Firms must notify the Financial Conduct Authority via the REP008 submission if they have taken disciplinary action against a person subject to the SM&CR conduct rules, in their last reporting period, where that person was found in breach.
For most firms, the reporting period is between last September and August. Disciplinary action against a person means issuing a formal written warning, suspension or dismissal of that person, or reducing or recovering any of that person’s remuneration. As a reminder, disciplinary actions against SMF managers for a breach of the conduct rules must be reported to the Financial Conduct Authority within 7 business days via the appropriate form and therefore should not be included within your REP008 submission.
The REP008 form should be completed by a firm to:
(a) make an annual notification of disciplinary action, if the reason for taking the disciplinary action is any action, failure to act or circumstance that amounts to a breach of the individual conduct rules set out in the FCA’s Code of Conduct or;
(b) To make follow up notification to update a notification that has been previously made by the firm in relation to (a); or
(c) confirm that there is nothing to be reported under (a) or (b)
How to complete
The Financial Conduct Authority have a support template available on the FCA website which takes users through a step by step of how to complete the REP008 on the link below.
The latest edition features high-level results and analysis from the largest broker survey the NACFB has ever undertaken. The ten-page article examines deal trends, sector growth and intermediary-led lending conditions in 2019 and looks ahead to challenges this year.
This January issue also features insight from Lloyds Bank, Praetura Asset Finance, Octopus Real Estate, The Association of Taxation Technicians, YBS Commercial Mortgages, Redwood Bank, Paragon Bank, Recognise, FRP Advisory, ThinCats, Alternative Business Funding, iwoca, Esme, Be the Business, Reliance Bank and London Credit.
In addition to our two flagship events, 2020 sees us launch our inaugural NACFB Commercial Broker Awards, honouring the Association’s best brokerages.
The NACFB Commercial Broker Awards are a new platform for national recognition within the intermediary market. Whether you are a sole trader broker or a large regional player, these awards are the ideal way to show your peers, clients and lender partners that you have both a track record of success and the skills and expertise to grow in the coming months and years.
WHERE AND WHEN IS IT?
The awards ceremony will be hosted at Edgbaston Cricket Ground in Birmingham from 12pm-8pm on Thursday 23rd April 2020.
HOW DO I ATTEND?
The event is an opportunity for the NACFB to thank our broker Members. Standard tickets are priced at £125
per ticket and £1250
per table, but
for a limited time only, NACFB broker tickets will be subsidised to just £50
per ticket or £500
per table with the exclusive discount code: NACFBBROKER60
Be quick, as spaces are strictly limited.
WHAT DO I GET?
Each ticket includes a welcome drink on arrival, a three-course meal and half a bottle of wine per person.
As this is a social event, we would encourage you to bring colleagues, partners, spouses and clients.
HOW DO I ENTER FOR AN AWARD?
The NACFB Commercial Broker Awards are exclusively for the Association’s brokers. NACFB brokers can enter into as many relevant categories as they deem fit. The judging process is equally weighted and open to brokerages of all sizes, the shortlist will be drawn on merit with the judges looking for demonstrable evidence of broking excellence.
WHAT ARE THE CATEGORIES?
There are fifteen award categories from which to select, ranging from sector specific awards to deal of the year and sole trader categories. The full list, with submission forms can be found here.
WHEN IS THE DEADLINE TO ENTER?
The deadline for all entries is 5pm on Friday 7th February 2020.
2020 will see the NACFB host a Funding Future Growth series of broker finance forums across the UK
In a move away from events focussed on solely finance products, the Association’s 2020 events will be reframed and instead be structured around business finance sectors.
This rethinking enables the Association to host days by SME sector types, namely, but not limited to the: retail, hospitality, construction, automotive, manufacturing, professional services, healthcare, technology, exporting, property investment, and residential sectors.
Therefore, our Funding Future Growth series is open to all commercial finance intermediaries and you can register for any of them below:
The events will feature a wider range of Patron lenders and brokers, as well guest speakers who will provide updates on each sector offering unique insight and an outside perspective.
Norman Chambers, NACFB managing director, spoke of the decision to reframe regional events: “The decision to focus on business sectors means that a broker who attends an Association event aimed at helping fund UK retailers could come from a variety of finance sector types. Commercial mortgage brokers could see as much value in attending a much as an invoice finance broker or an asset finance broker.”
All events remain at no cost to NACFB Members.