The FCA has written to all firms outlining temporary changes within the regulatory framework, due to Covid-19.
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The changes include:
- flexibility over client identification verification
- supervisory flexibility over best execution until end of June
- supervisory flexibility over 10% depreciation notifications until end of September
- pause on implementation of investment pathways
PIMFA had outlined concerns of how the coronavirus may impact their member firms to the FCA 10 days ago.
Liz Field, chief executive at PIMFA (pictured above), said the changes made by the FCA showed the constructive work that had been carried out by PIMFA on behalf of its members.
“… [The FCA] has taken the concerns of our members seriously and has been willing to act and show the regulatory forbearance.
“To have done so at a time when the FCA’s resources are being stretched and it is being inundated with queries from firms is to its credit and [the] letter should provide much needed clarity.”