FCA updates on SMCR Covid-19 expectations

FCA has published further guidance for solo-regulated firms on its expectations in relation to the SMCR and Covid-19.  The guidance mirrors the guidance issued by PRA and FCA for dual-regulated firms but additionally states that FCA intends to issue a Modification by Consent to the 12-week rule. Under the modification, firms that need to make temporary arrangements lasting more than 12 weeks can make a notification that will have the effect of meaning they can extend arrangements up to 36 weeks.

Emma Radmore

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