UK regulators checking firms’ virus contingency plans
Firms can use alternative sites or let staff work from home so long as regulatory obligations are met
The Bank of England and the Financial Conduct Authority are reviewing the contingency plans of “a wide range” of UK financial firms in response to the coronavirus.
The FCA said it would be assessing firms’ operational risk frameworks, to determine whether they would be able to continue to operate effectively.
“We expect all firms to have contingency plans in place to deal with major events,” the FCA said in a statement published on March 4. The regulator said it expected firms to “take all
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