![]() ![]() ![]() We ourselves have already taken rapid action to respond to the immediate shocks of coronavirus. We expect all firms to have contingency plans to deal with major events and that these plans have been properly tested. Overall it feels as if firms are coping and adapting to this new normal.Īnd the feedback we have received from yourselves and from PIMFA corroborates this. There has been no significant erosion of clients’ access to services, business continuity arrangements appear to be working and “glitches” have been worked through. I think it’s fair to say that, in operational terms, this industry has responded well. Where we are now and the FCA’s priorities And I’ll end with a look at the capturing lessons learned from coronavirus, and our expectations of firms going forward in the consumer investment sphere – namely with advisors and wealth managers. I would then like to explain what our expectations are of firms during this period, particularly in the wealth and advice space, touching on some recent guidance and other materials we have published. ![]() I’d like to discuss with you today the effects of this changing world on the financial sector, taking stock of the industry’s response to coronavirus thus far and how that has shaped our regulatory priorities and response over the coming months. Whilst those remain highly important topics, I think we can all agree that our perspectives have needed to shift somewhat. When I spoke to you last, back in 2017, the big topics on my agenda were culture and the growing influence of financial advice. That is why events like these are so important to keep the conversation going, to share observations and best practices, so that we can respond quickly to the issues that arise due to coronavirus faced by both clients and markets. The FCA, firms and trade bodies face a lot of the same issues, and we need to find opportunities to debate, and to share both good experiences and the things that didn’t work so well. These practices are unacceptable, and the FCA will continue to take action against firms conducting such activities. 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.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.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. 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 operational terms, advisors and wealth managers responded well to the onset of the coronavirus (Covid-19) crisis.Note: this is the speech as drafted and may differ from the delivered version Highlights: Speaker: Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists ![]()
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