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FCA amendment to allow extended temporary cover for absent senior managers

The FCA has announced an amendment to the existing rules which will allow firms to apply for a 'modification by consent' to allow temporary cover for an absent senior manager to be extended from 12 weeks to 36 weeks without FCA approval of the individual.

This is designed to allow extra flexibility for unexpected absences due to the COVID-19 virus, or for delays in recruitment as a result of the current pandemic.  

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