FCA Delays 'Certified Persons' Reviews Into 2021 Amid Virus

Law360, London (June 30, 2020, 3:12 PM BST) -- The Financial Conduct Authority said Tuesday that it will give regulated financial businesses more than three extra months to assess the competence of their "certified persons," in a step to provide relief to banks and insurers struggling with the economic fallout of COVID-19.

The City watchdog said it has pushed back the first annual assessment of fitness and propriety, which regulated companies must perform on their so-called certified persons to the end of March 2021. A certified individual is someone already approved by the FCA to fulfill specified roles.

The Senior Manager and Certification Regime obliges finance companies to assess each year...

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