FCA publishes coronavirus guidance for Firms

New FCA coronavirus guidance page

The UK Financial Conduct Authority (FCA) has established a dedicated team to manage the regulator's response to the Coronavirus pandemic and has created a webpage containing guidance for Firms. This can be accessed here. Specific guidance has also been given on a number of topics including:

• Q&A on dealing with client assets during the crisis
• expectations for authorised funds
• guidance for general insurance firms
• guidance for mortgage lenders
• recommendations for building operational resilience
• guidance on outsourcing obligations

FCA comments on market reaction

FCA has noted that it welcomes firms reviewing their current arrangements to address the evolving situation, while managing the risks to their employees, customers and the impact on the market.Click here for our general overview of how the finance industry is responding to the developing situation and here for our analysis of the banking sector's response to date.

FCA expectation for Firms

FCA expects firms to:

• be taking reasonable steps to ensure they are prepared to meet the challenges coronavirus could pose to customers and staff, particularly through their business continuity plans;
• provide strong support and service to customers during this period.
• manage their financial resilience and actively manage their liquidity.
• report to the FCA immediately if they believe they will be in difficulty.