Mark Turner Speaks to Compliance Matters About FCA’s Absent Senior Manager Cover Extension Tue, May 19, 2020

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Mark Turner Speaks to Compliance Matters About FCA’s Absent Senior Manager Cover Extension

Mark Turner, Managing Director in Duff & Phelps’ Compliance and Regulatory Consulting, practice spoke to Compliance Matters about the Financial Conduct Authority (FCA) using a modification-by-consent waiver to extend the period which a regulated firm can cover for a senior manager.

Mark commented, “This is a pragmatic and proportionate approach from the FCA. Getting a new senior manager approved is never an easy feat, especially under a country-wide lockdown. Every firms’ circumstances are different and the FCA acknowledges that they need to show some flexibility in enforcement.”

“However, this does not mean a free-for-all for firms to do what they like during these unprecedented times. Accountability will ultimately still be with the CEOs and boards if there are issues, the FCA still has the power to act.”

Subscribers can read the full article here.

 

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