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FCA and Bank of England reviewing firms’ coronavirus contingency plans

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  • 04/03/2020
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FCA and Bank of England reviewing firms’ coronavirus contingency plans
The regulator and the Bank of England are reviewing the plans financial firms have in place to deal with a widespread outbreak of the coronavirus.

 

All businesses should have plans in place to deal with major events such as the spread of the infection, the Financial Conduct Authority (FCA) said in a statement today.

Alongside the Bank of England, the watchdog said it is assessing operation risks, the ability of firms to continue to operate effectively and the steps firms are taking to serve and support their customers.

The FCA stressed that firms should be taking “all reasonable steps to meet their regulatory obligations”.

This means that, for example, firms should 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 regulator explained that it has no objection to staff working from home or using backup sites as long as they meet the expected standards.

 

Working to resolve issues

In conjunction with the Bank of England and the Treasury, the FCA said it is discussing with trade associations and firms any particular issues they have and working to resolve these.

The regulator added: “We want to understand the pressures they are facing and will be continuing our active dialogue with firms, institutions and industry bodies in the coming days and weeks. We will keep our guidance under review as necessary.”

The statement comes after the Bank of England assured earlier this week that it was ready to take action to protect the economy from the coronavirus.

The government has said up to one in five workers could be off sick during the peak of a coronavirus epidemic in the UK.

 

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