COVID-19: FCA expectations of benchmarks administrators and the APR

Regulatory Updates | 30/06/20

The Financial Conduct Authority (FCA) has published a statement on its expectations of benchmark administrators and firms using Appointed Representative (AR) arrangements applying the Approved Persons Regime (APR) during the coronavirus pandemic. The FCA intends to issue a modification by consent to the 12-week rule which allows an individual to cover for an Approved Person without being approved where the absence is temporary or reasonably unforeseen, to extend the period to 36 weeks. The statement details considerations for furloughed staff, notification and documentation, and the responsibilities of the Principal firm under the APR.