On January 8, the UK’s Financial Conduct Authority (FCA) updated its webpage providing information for firms relating to COVID-19 (the Webpage).
The Webpage notes that the FCA’s key considerations include:
- expecting firms to take reasonable steps to address the challenges caused by the pandemic on their customers, staff and business continuity plans;
- encouraging transparency between firms and their consumers;
- requiring firms to take all steps to prevent market abuse risk, including implementing enhanced monitoring and submitting regulatory data without undue delay; and
- maintaining a record of all relevant communications (including voice calls) while working outside of the office.
On this final point, the FCA further addresses its expectations for firms on recording telephone conversations and electronic communications in the 66th edition of its Market Watch Newsletter, published on January 11.
The FCA advises firms with concerns about meeting their obligations due to the COVID-19 pandemic to contact the FCA through their regulatory supervisory channels as soon as possible.
See the FCA COVID-19 Webpage.