Coronavirus (COVID-19) Update: FCA Guidance on Key Workers in Financial Services

The FCA issued guidance on Friday 20 March 2020 regarding whether a person working in a financial services firm may be a Key Worker.

The Government has imposed restrictions such as closing schools, restricting travel and enforcing social distancing. Key Workers are normally exempted from many of these restrictions. However, if challenged by school, police or other authorities, it may not always be clear that a person working in a financial services firm is a Key Worker.

 

The FCA has issued guidance on who may be considered a Key Worker in financial services firms, ie, a person who is providing an essential service. The FCA recommends firms consider who may be a Key Worker within their firm and having identified who the Key Workers are, to issue them with a letter from the firm designating them a Key Worker as per the guidance issued by the FCA dated 20 March 2020. It is possible that the relevant Key Worker may need to provide evidence that they are a Key Worker to schools, police or other authorities.

The FCA guidance can be viewed and/or down loaded from the following link: https://www.fca.org.uk/firms/key-workers-financial-services

 

ACTION REQUIRED:
Consider whether you or any of your colleagues are Key Workers and if so issue them with an appropriate letter from your firm designating them as a Key Worker as per the FCA guidance of 20 March 2020, so that they can, if required, produce the same to schools, police or other authorities that may need to see such evidence.

 

 

How we can help:
Should you need any guidance or assistance in dealing with issues related to Coronavirus (COVID-19) or matters relating to compliance with FCA or related regulatory matters, please contact