FCA Statement on Covid-19

NEWS
Published
Mar 4th '20
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The Financial Conduct Authority (FCA) is working closely with the financial services sector to ensure it is responding effectively to the Covid-19 outbreak. This is in conjunction with the Bank of England and HM Treasury.

The FCA expects all firms to have contingency plans in place to deal with major events. Alongside the Bank, the FCA is actively reviewing the contingency plans of a wide range of firms. This includes assessments of operational risks, the ability of firms to continue to operate effectively and the steps firms are taking to serve and support their customers.

The Authority expects firms to take all reasonable steps to meet their regulatory obligations. For example, they would expect firms to be able to enter orders and transactions promptly into the relevant systems, use recorded lines when trading and give staff access to the compliance support they need. If firms are able to meet these standards and undertake these activities from backup sites or with staff working from home, the FCA has no objection to this.

The Authority is discussing with firms and trade associations any particular issues they may have and are working with them to resolve these. The FCA want to understand the pressures they are facing and will be continuing active dialogue with firms, institutions and industry bodies in the coming days and weeks. The FCA will keep guidance under review as necessary.

If firms have any questions they should contact them in the usual way.

Source: FCA