Payment and e-money institutions have long called for clearer guidance on the FCA’s expectations of how they meet their obligation to protect customers’ funds. Friday week ago, the FCA issued a consultation on temporary guidance they wish to put in place on safeguarding and capital adequacy ‘in light of the exceptional circumstances of the coronavirus pandemic’.
The FCA last week published a statement in which they set out their expectations of solo-regulated firms operating under the ongoing strain of COVID-19. While emphasising the need for ever-adaptive governance arrangements in the face of an evolving challenge, the FCA have clarified that no single Senior Manager is expected to assume responsibility for a firm’s coronavirus response. In addition to this and regarding dual-regulated firms, a joint statement released by the FCA in collaboration with the PRA demonstrated the regulators’ intention to assume a more flexible approach under the current circumstances.
With my NICyber hat on last week I helped run a webinar about the new challenges facing us all in this new normal that we now find ourselves. In this post, I will share some additional thoughts about some best practices for video and screensharing tools.
fscom’s Head of People, Brona Cathcart shares her insights into how the fscom team have been adapting to the shift in workplace dynamics over the past two weeks and her top tips for a productive and connected workforce.
As a result of the unprecedented Covid-19 outbreak, The Bank of England (BoE) and Prudential Regulation Authority (PRA) have announced several measures seeking to reduce potential operational stresses on both PRA-regulated firms and Bank-regulated financial market infrastructures to allow them to continue providing crucial functions essential for the economy.
I delivered a training session on capital adequacy last week. The irony of delivering the session on the cusp of such a capital-stressful situation was clear to all in the room and many subsequent conversations focused on the steps that these payment and e-money institutions were, and would be, taking to deal with the crisis.
In a blog last week, our Managing Director, Jamie Cooke, commented on the business continuity measures that firms should take in light of the pandemic. In this post, I will set out what payment and e-money institutions are doing (and should be doing) as they brace for the pandemic.