COVID-19: All firms must have contingency plans, FCA says

The Financial Conduct Authority has said it expects all of the firms it regulates to have contingency plans in place to deal with the COVID-19 outbreak, as it would any major event, and, along with the Bank of England and the Treasury, is working with a number of firms to assess operational risks and business continuity measures.

"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. If firms are able to meet these standards and undertake these activities from backup sites or with staff working from home, we have no objection to this," the FCA stated.

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