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Announcements

FCA Issues Coronavirus Response and Regulatory Priorities

Announcements
FCA Issues Coronavirus Response and Regulatory Priorities

FCA (Financial Conduct Authority) issues its response to the coronavirus (COVID-19) pandemic and regulatory priorities for the rest of the year. It said advisers and wealth managers responded well during the pandemic.

05 June, 2020 | AtoZ Markets – Megan Butler, Executive Director of Supervision, Investment, Wholesale and Specialists at the FCA, said at PIMFA’s Virtual Festival on Thursday that the regulator was keeping a close eye on market behaviour during the pandemic. She also highlighted FCA’s response to the coronavirus:

“I think it’s fair to say that, in operational terms, this industry has responded well. There has been no significant erosion of clients’ access to services, business continuity arrangements appear to be working, and “glitches” have been worked through. Overall, it feels as if firms are coping and adapting to this new normal.”

She also describes the FCA’s regulatory priorities and what to expect in the coming months. Many in the industry are already aware that it is incredibly challenging to operate in the current environment. The authority decided to reduce the burden on companies by showing how to supervise Markets in Financial Instruments Directive (MiFID) II requirements and consumer protection by the end of September.

FCA outlines five key priority areas focusing on longer-term impacts of coronavirus:

  1. Good level of operational resilience
  2. Understand the financial resilience of companies so that they can fail in an orderly manner.
  3. The market is functioning, enabling price formation and orderly trading activities.
  4. Customers are treated fairly.
  5. Customers are aware of the risks of and protected from fraud.

Following COVID-19, UK regulator began to look into the future of regulation. “We will capture the lessons from this emergency about delivering quickly. But we also need to look at our entire system, from the data and intelligence we collect, how we decide which firms and individuals to allow to operate and how we supervise them, to how we ensure that unacceptable firms and individuals stopped and removed from the regulated sector as quickly as possible,” said Butler.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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