Update: SMCR and COVID 19 - FCA expectations

Earlier this year FCA provided some additional flexibility in the application of the SM&CR rules to firms affected by coronavirus. The FCA has now issued an update setting out its revised expectations.

In this latest update, the FCA acknowledges that firms have adapted to the impact of the pandemic over the past few months. As a result, the Regulator feels it is now time to signal its expectation that application of SM&CR rules should return to normal. 

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