The FCA’s response to COVID-19 and expectations for 2020

Speech by Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists, FCA.
Delivered at PIMFA’s Virtual Festival.
Delivered: 4 June 2020
Highlights:
• In operational terms, advisors and wealth managers responded well to the onset of the coronavirus (Covid-19) crisis.
• Whilst acting with speed has been the absolute priority, as the industry adapts to the long-term impact of coronavirus, there is a need to transition from the immediate ‘incident response’ towards focusing on longer-term impacts. In her speech to PIMFA’s members, Megan Butler explores the FCA’s priorities and longer-term expectations for the wealth management and advice industry.
• Key areas of focus for the FCA include operational resilience in light of coronavirus, financial resilience (and within that the preservation of client assets and money) and acting with integrity.
• On the latter, the FCA has identified some firms which have tried to avoid their liabilities to customers by closing down companies and setting up new ones. These practices are unacceptable, and the FCA will continue to take action against firms conducting such activities.

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