The Financial Conduct Authority (FCA) has warned firms are failing to put in place effective communications plans in their wind-down strategies and are thus jeopardising the speed and ease of the process.
The regulator said a good communications plan can help deliver a more effective wind-down process of a firm and ensure timely action from all key stakeholders, but that many firms tended to overlook the area. The FCA expects firms to notify it as soon as there are signs of a potential failure. A predetermined communications plan would consider the contents and timing of communications, including website updates, to a wide range of stakeholders, such as relevant regulators, it said. It would be administered by one or more designated people, who will be responsible for c-oordinating the st...
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