Benchmark administrators get 36 weeks for temporary replacement of APs

By Neasa MacErlean

Benchmark administrators are to be allowed 36 weeks, rather than 12, for the temporary replacement of an Approved Person (AP) by someone who has not been approved under the Approved Persons Regime (APR). This is a recognition by the FCA of the fact that the current ‘12-week rule’ is not turning out to be long enough in some cases where an AP is absent because of the coronavirus crisis — or if recruitment of a new AP is delayed due to the pandemic.