The FCA acknowledges that firms will need to review their governance arrangements and make appropriate changes where necessary.
The statement covers:
- Reallocation of senior management responsibilities and prescribed responsibilities
- Amendments to statements of responsibilities (SORs) and responsibilities map
- temporary arrangements for senior management functions (SMFs)
- notifications about temporary arrangements; and
- furloughed staff.
More information can be found on the FCA's website here.
To discuss whether you need to make any modifications to your current SMCR arrangements, please get in touch with your usual Buzzacott contact or fill out the form below and we'll be in touch shortly.