On 10 July 2020, the FCA published a new web page concerning a modification by consent of SUP 10A.5.6. The modification by consent extends the period in which an individual can cover for an Approved Person without being approved (known as the ’12-week rule’ and detailed in SUP 10A.5.6) from a maximum of 12 weeks in a consecutive 12-month period to a maximum of 36 weeks in a consecutive 12-month period. Further details of the modification can be found in a Direction located on the new web page.
A benchmark administrator or an appointed representative can use this modification if, for example:
- An Approved Person is absent because of COVID-19.
- Recruitment to replace an Approved Person is delayed due to the coronavirus pandemic.