The Covid-19 pandemic presents new and significant challenges to financial services firms across the globe. As firms respond by focusing their efforts on people, processes and technology it can be easy to forget regulatory issues or to put them to the bottom of the ‘to do’ list.
We have seen the FCA respond to firms in difficulty with empathy, pragmatism and flexibility. That said, the need to meet regulatory requirements remains. Despite some rules being relaxed firms need to be just as cautious as ever to make sure that consumers remain protected. And market confidence during these difficult times remains crucial.
With the regulators making regular announcements of where there will be greater scrutiny, or indeed greater leniency, it’s vital to keep on top of developments and manage risk accordingly. Indeed, when this crisis does end, and we return to our new normal, you will need to make sure that you can evidence the decisions that have been taken and you have not become overly dependent on operating in more lenient environment.
Compliance under Covid-19: how we can help
- We can help keep you up to date with the changing regulatory landscape, assessing what changes may apply to you and what would bring benefit.
- We can provide remote compliance support where resource is stretched. Many of our staff have previous experience from both in-house compliance roles and at the regulator.
- We can help with planning for the potential impact your customers may face. This could include a review of your TCF framework, policies and procedures and approach to forbearance.
- From a prudential perspective, we can work with you to understand your position, plan and liaise with the regulators. If you are close to breaching capital requirements, planning on drawing down on capital buffers, considering wind down planning or addressing capital and liquidity requests from the regulator we can help.
Compliance under Covid-19: Bovill insights
As the crisis progresses we’re regularly sharing our observations and advice. You can find our most up to date articles on the impact of the coronavirus pandemic here: