FCA and PRA webpages on identifying key workers in financial services
Regulatory Updates | 24/03/20
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have published webpages setting out steps firms should take to help identify key workers in financial services. The regulators define a key financial worker at a dual-regulated, FCA solo-regulated, PSR-regulated firm, or operator of financial market infrastructure as fulfilling a role which is necessary for a firm to continue to provide essential daily financial services to consumers or to ensure the continued functioning of markets.
The FCA and PRA outline the types of roles that may be considered as providing essential services, and recommend that firms should consider whether to issue a letter to the individuals they identify as key workers confirming their identification as such. This letter could be presented to schools to ensure continued care for those workers’ children.
FCA, 20 March 2020