FCA solo regulated firms can apply for a "modification by consent" of certain rules enabling them, for example, to allocate an absent Senior Manager's prescribed responsibilities to the person covering the role.
Period to cover absent Senior Managers extended due to coronavirus (Covid-19) The FCA has extended the maximum period firms can arrange cover for a Senior Manager without being approved, from 12 weeks to 36 weeks, in a consecutive 12-month period. The modification by consent to rule SUP10.3.13R is available to all solo regulated firms. It aims to provide flexibility to firms managing their governance arrangements during the pandemic. It also allows firms to allocate an absent Senior Manager’s prescribed responsibilities to the individual covering the role (a modification to SYSC 24.1.2). Firms can use the modification by consent if, e.g a Senior Manager is absent because of coronavirus, or recruitment to replace a Senior Manager is delayed due to the coronavirus pandemic. Firms can apply for the modification by consent as a precautionary measure, in advance of actually needing it.