The U.K. Financial Conduct Authority has published guidance for solo-regulated firms on adherence to the Senior Managers and Certification Regime in light of COVID-19. The FCA has separately issued joint Guidance with the Prudential Regulation Authority on the SM&CR for dual-regulated firms.
The FCA’s guidance for solo-regulated firms focuses in particular on the following areas:
The SM&CR guidance supplements the FCA’s previous statement confirming that firms are not expected to appoint a specific Senior Manager to take responsibility for the COVID-19 response. That statement was made in the context of more general information published on the FCA’s regulatory response to COVID-19 and the actions firms should take.
View the FCA's Guidance for solo-regulated firms on SM&CR under COVID-19.
View details of the FCA and PRA’s joint Guidance for dual-regulated firms on SM&CR under COVID-19.
View our client note on “COVID-19: FCA Announcement on Key Workers in Financial Services and Other Issues”.
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