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 generally 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, i.e. 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.