PRA and FCA update statements on workplace arrangements and work related travel

Regulatory Updates | 09/11/20

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have published updated statements on their respective approaches to workplace arrangements and travel in the context of COVID-19.

The FCA’s statement sets out how firms should continue to assess workplace arrangements, and the responsibilities of Senior Managers in keeping up to date and following government guidance. The FCA also recommends that for financial services firms, the SMF1 Chief Executive Officer is accountable for ensuring an adequate process for following and adhering to government guidance, and that for firms without an SMF1, this will be the most relevant member of the senior management team.