Consumers are advised to be particularly alert to COVID-19 related scams which may relate to bogus insurance policies or investment opportunities, including those in crypto-assets. Clients can access information about retirement planning, college funding, estate planning strategies, income distribution strategies, and tax reduction strategies. It is unclear from this statement whether other financial services industries such as insurance,[5] asset management and brokerage are included, since they are not named. . Claims management companies and sellers of non-essential goods and credit. Key Financial Solutions is an innovator, providing financing and growth capital to companies like yours. Firms should also focus on minimizing the risks of operational disruption resulting from COVID-19 at this time. [14] See https://www.fca.org.uk/firms/insurance-and-coronavirus-our-expectations. It has already announced an extended deadline of 1 October 2020 for responses to all open FCA consultation papers and calls for input. [12], FCA-regulated firms are expected to have robust contingency plans to deal with significant global events like the COVID-19 crisis. This document creates a letter which can be issued to employees to inform them of their status as a Key Worker during the 2019 Coronavirus Pandemic/COVID-19. [18], [1]  See section entitled “Charting the Proliferation of Current Short Sale Bans and Other Actions” in our client note, “Short Sale Bans in Response to the COVID-19 Pandemic.”, [2]  See section entitled “UK” in our client note, “Planning in a time of Pandemic: Considerations for Regulated Financial Institutions in the US, EU and UK.”, [3]  See section entitled “UK” in our client note, “Planning in a time of Pandemic: Considerations for Regulated Financial Institutions in the US, EU and UK.”. The Financial Conduct Authority (FCA) has set up a webpage setting out the steps firms should take to help identify key workers in financial services.. The Financial Conduct Authority (FCA) has released guidance on steps financial services firms should take to help identify 'key workers'. Why Choose Key Financial Solutions? The FCA intends to comply with the Public Statement issued by the European Securities and Markets Authority advising national regulators to deprioritize supervisory actions to enforce the new tick-size regime for systematic internalizers under the Markets in Financial Infrastructure Regulation, which came into force on 26 March 2020.[11]. Key public services This includes those essential to the running of the justice system, religious staff, charities and workers delivering key frontline services, those responsible for the management of the deceased, and journalists and broadcasters who are providing public service broadcasting. A key financial worker at a dual regulated or FCA solo-regulated firm, or operators of financial market infrastructure, fulfils a role which is necessary for the firm to continue to provide essential daily financial services to consumers, or to ensure the continued functioning of markets. Identifying Key Workers in Financial Services The FCA has set out the steps firms should take to help identify key workers in financial services . Following the government advice dated 19 March 2020 on maintaining educational provision, schools have continued to provide care for a limited number of children whose parents are critical to the coronavirus (Covid-19) response and cannot be safely cared for at home. In our previous client notes, “Planning in a Time of Pandemic: Considerations for Regulated Financial Institutions in the US, EU and UK” and “Short Sale Bans in Response to the COVID-19 Pandemic,” we have addressed general issues that arise for regulated firms and certain specific measures in areas such as short selling,[1] consultation papers[2] and telephone recordings.[3]. The FCA states, “A key financial worker at a dual-regulated, FCA solo-regulated firm or PSR-regulated firm, or operators of financial market infrastructure, fulfils a role which is necessary for the firm to continue to provide essential daily financial services to consumers, or to ensure the continued … Analysis by Hannah Richardson, BBC Education reporter The FCA has confirmed that firms are not expected to appoint a senior manager to take responsibility for COVID-19 and should instead allocate responsibility appropriately among existing Senior Manager Functions. The FCA has now given guidance to firms, including advice on identifying financial services “key workers” who are unrestricted by government measures from continuing to work, on site where necessary, and whose children may continue to use schools. Workers … The letter shall state if employees shall be expected to continue coming into their usual place of work or if they should continue carrying out their duties from their own homes. For the latest on the LIBOR transition, see our LIBOR Transition Financial Regulatory Developments updates: Committee on Foreign Investment in the United States (CFIUS), Environmental, Social and Governance (ESG), EU General Data Protection Regulation (GDPR), Global Compliance & Anticorruption (FCPA), Special Economic Zone and Regulatory Drafting, Planning in a Time of Pandemic: Considerations for Regulated Financial Institutions in the US, EU and UK, Short Sale Bans in Response to the COVID-19 Pandemic, Planning in a time of Pandemic: Considerations for Regulated Financial Institutions in the US, EU and UK, https://www.gov.uk/government/publications/coronavirus-covid-19-maintaining-educational-provision/guidance-for-schools-colleges-and-local-authorities-on-maintaining-educational-provision, https://www.fca.org.uk/firms/insurance-and-coronavirus-our-expectations, https://www.fca.org.uk/firms/key-workers-financial-services, https://www.fca.org.uk/news/statements/work-travel-responsibilities-senior-managers, https://www.fca.org.uk/firms/information-firms-coronavirus-covid-19-response, https://www.fca.org.uk/news/statements/joint-statement-fca-frc-pra, https://www.esma.europa.eu/sites/default/files/library/esma70-156-2486_public_statement_tick_sizes.pdf, https://www.fca.org.uk/firms/mortgages-coronavirus-guidance-firms, https://www.gov.uk/government/publications/joint-letter-to-the-uk-banks-from-hm-treasury-the-bank-of-england-and-the-fca?utm_source=dd41b451-5832-4597-99b9-9310c704dc04&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate, https://www.fca.org.uk/news/news-stories/avoid-coronavirus-scams, https://www.gov.uk/government/publications/cma-approach-to-business-cooperation-in-response-to-covid-19/cma-approach-to-business-cooperation-in-response-to-covid-19, https://www.fca.org.uk/news/statements/fca-and-psr-respond-cmas-guidance-business-cooperation-under-competition-law, https://www.fca.org.uk/news/statements/impact-coronavirus-firms-libor-transition-plans, https://finreg.shearman.com/focus?categoryID=1551&yearmonth=0. [14] In particular: The FCA is taking steps to ensure consumers are protected from the negative implications of COVID-19. The government has imposed restrictions such as closing schools, restricting travel and enforcing social distancing. The Financial Conduct Authority (FCA) has set out steps to help firms identify key workers in financial services. Appointment today for bookkeeping and/or Tax Preparation by calling Ms. Peagler at ( ). Companies like yours notify the FCA has clarified which people working in regulated financial services, financial. Workers who may find it difficult to buy property in the area where they can not provide their from. In coming weeks it difficult to buy property in the context of workers in certain sectors! Should also focus on minimizing the risks of operational disruption resulting from COVID-19 at this time view is that would... Minimizing the risks of operational disruption resulting from COVID-19 at this time continue as normal to extent. 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