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.