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FCA statement – expectations for APR and coronavirus

FCA statement – its expectations for Approved Persons Regime (APR) and coronavirus

Background

  • The Financial Conduct Authority (FCA) set out its expectations to help benchmark administrators and firms using Appointed Representative (AR) arrangements apply the Approved Persons Regime (APR) during coronavirus (Covid-19).
  • The FCA recognises that firms may need longer periods of temporary arrangements if, for example, an Approved Person is absent because of coronavirus, or if recruitment to replace an Approved Person has been delayed due to the pandemic.
  • The FCA has also published its expectations on the Senior Managers & Certification Regime (SM&CR) for solo regulated firms and for dual-regulated firms with the Prudential Regulation Authority (PRA).

Impacts

The full FCA Statement is available on its website.

Topics covered were the following:

  • Temporary arrangements for controlled functions – 12-week rule
  • Furloughed staff
  • Notification and documentation
  • Responsibilities of the Principal firm

 

Timeline with relevant dates to be logged on regulatory calendar

  • FCA expectations were published on 30 June 2020

 

Next steps

Impacted firms must note the FCA’s comments and expectations.

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