The FCA, along with the Government, Bank of England and Payment Systems Regulator, is closely monitoring the coronavirus situation. It says it stands ready to take any steps necessary to ensure customers are protected and markets continue to function well. FCA rules give firms some flexibility to review their current arrangements and address the evolving situation while managing the risks to their employees, customers and the impact on the market. Firms are expected to have robust business continuity plans but are advised to report to the FCA immediately if they believe they will be in difficulty as regards their financial resilience or liquidity.
Meanwhile FCA workplans are being reviewed so that regulatory activity which is not critical to protecting consumers and market integrity in the short-term can be delayed or postponed. This will allow firms to focus on supporting their customers during this difficult period.