The FCA released a statement to address the outbreak of COVID-19. The FCA, the Bank of England and HM Treasury are working alongside the financial services sector to ensure an appropriate response to the global pandemic.
In accordance with FCA expectations, all firms should have a functional contingency plan in place. The FCA is examining the contingency plans of a variety of firms and evaluating their operational risks, their ability to resume effective operations and the steps being taken to ensure the continued servicing of their client base.
The FCA also expects all firms to take reasonable steps to comply with applicable regulatory requirements such as using recorded telephone lines when trading and providing compliance support to staff. The FCA confirmed that it does not have any reservations if staff work remotely or if firms use backup sites to meet their regulatory obligations.
The FCA is maintaining dialogue with firms, trade associations and industry bodies to raise and discuss any issues being faced and to work collaboratively to resolve any matters.
If firms have any questions in relation to the impact of coronavirus, please contact the FCA directly.