Tue, Apr 7, 2020

Mark Turner Featured in FT Adviser on the FCA’s Approach to COVID-19

Mark Turner, Managing Director in Duff & Phelps Compliance and Regulatory Consulting practice, recently spoke to FT Adviser about the FCA’s response to the current economic fallout around COVID-19. The FCA has emphasized the importance of protecting firms now more than ever to help leverage a potential collapse in the sector. 

Mark commented: "This is obviously a developing situation, but it would seem to me that they would not want whole groups of firms to collapse. This cannot be in the consumers' interest, for what could be a relatively short-term shock to the system, to cause entire sectors to collapse.

The FCA has encouraged firms facing difficulty managing liquidity and financial resilience to report to the regulator “immediately” in an effort to maintain the firm’s compliance to the regulator and reinforce a company’s accountability. Mark added: "That is not to say I can necessarily sit here with certainty and say the FCA is going to allow every firm to operate with no capital, but I would like to think this message is one which shows the FCA is willing to engage in a conversation.”

Read the full article here.