FCA says it is working with financial services sector on effective response to Covid-19

Maria Nikolova

The regulator expects 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.

The UK Financial Conduct Authority (FCA) today posted a statement regarding the outbreak of the novel coronavirus Covid-19.

The regulator says it 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. The regulator is 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.

Th regulator expects firms to take all reasonable steps to meet their regulatory obligations. For example, firms are expected 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 regulator is discussing with firms and trade associations any particular issues they may have and is working with them to resolve these.

If firms have any questions they are advised to contact the FCA in the usual way.

The NHS, Public Health England (PHE) and local authority public health across the UK are working to support everyone in need of advice, testing or treatment. The government has been working with partners across the country to provide advice to the public, travellers coming into the country and those most at risk from COVID-19.

PHE has already got the results of more than 13,000 tests, and all but 51 have been negative. Latest figures are published on a daily basis.

Expert teams are actively tracing people who have come into contact with someone who is suspected to have the virus. Unless someone has been contacted already or has travelled to an affected area, they do not need to take further action.

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