FCA makes Covid-19 statement

Regulators are working to ensure firms are responding effectively to the consequences of the Covid-19 outbreak.

FCA expects all firms to have contingency plans in place to deal with major events, and says it is working closely with BoE and Treasury to review contingency plans of a wide range of firms to ensure firms have in place plans that would, for example, allow them to enter orders and transactions promptly, use recorded lines when trading and give staff access to necessary compliance support. It notes that it is happy for staff for work at home and for firms to use back up sites so long as they can meet the standards.

The regulators are discussing practical issues with firms and trade associations to understand the pressures they are facing and will keep guidance under review.