Joint PRA and FCA Chapter ‘Clarifying our expectations for temporary, long-term absences’ within the FCA Quarterly Consultation Paper

Consultation Paper 23/20
Published on 04 December 2020

Overview

Although the PRA and FCA have considered the proposals independently of one another and in accordance with their statutory objectives, they have decided to consult jointly in order to avoid unnecessary duplication.

The PRA and FCA propose to clarify their expectations for firms notifying them of when a Senior Manager takes temporary leave for longer than 12 weeks (long-term leave), for example in cases of parental leave and where the length of absence is not known.

This CP is relevant to all PRA-authorised firms.

Response and next steps

The full consultation paper is hosted on the FCA’s website. The consultation closing date is Thursday 4 February 2021. Please address any comments by using the response form on the FCA website.

Consultation end date: 4 February 2021

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