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The FCA issues statement on COVID -19 on Contingency planning

The UK FCA has announced that it is working with firms, HM Treasury and the Bank of England to review contingency plans for firms. The FCA has set out its expectations that firms carry assessments of the operational risks this outbreak could have on their ability to function and serve their customers.  

The FCA will expect firms to take steps to continue to meet their regulatory requirements. The statement issued by the FCA touches upon firms carrying on certain activities from backup sites and staff working from home, provided they can continue to meet the relevant standards.

This will require regulated firms to review their contingency plans to deal with this.

We expect firms to take all reasonable steps to meet their regulatory obligations. For example, we 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 www.fca.org.uk/...

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