The FCA has announced it is working in conjunction with the Bank of England (BoE) and the Treasury to ensure the financial services sector is responding effectively to the coronavirus outbreak.

In a statement, the regulator said it was expecting all its firms to have contingency plans in place to deal with major events, and that alongside the BoE, it was ‘actively reviewing’ the contingency plans of a wide range of firms.

The FCA suggested that this included the assessment of operational risks, the ability of firms to continue to operate effectively and the steps that firms are taking to serve and support their customers.

BBC News reported on Wednesday that the number of coronavirus cases in the UK had risen by 34 in a day, to a total of 85.

The FCA statement said: “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.

“We are discussing with firms and trade associations any particular issues they may have and are working with them to resolve these. We want to understand the pressures they are facing and will be continuing our active dialogue with firms, institutions and industry bodies in the coming days and weeks. We will keep our guidance under review as necessary.”

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