FCA and PRA make new accountability rules for long term absence

FCA and PRA have confirmed their policy on long term absences.

FCA has made new rules on individual accountability, requiring firms to notify it when a Senior Manager or Approved Person at an AR takes more than 12 weeks’ temporary leave.  The changes clarify the expectation both to notify FCA of the absence, but to confirm that firms do not need to submit a Form C in respect of the individual nor reapply for approval on their return, where their job has been kept open for them.

PRA’s new rules confirm the same expectations, and include amendments to rules, Supervisory Statements 28/15 (for banks) and 35/15 (for insurers), and an updated Form D.

The changes take effect on 2 June.

Emma Radmore