Chris Davies: Covid-19, amendments to SM&CR and firms' responsibilities

The FCA and Prudential Regulatory Authority (PRA) have released a joint statement for dual regulated firms outlining its expectation for firms during the Covid-19 pandemic. The FCA have also released a statement on solo regulations showcasing a flexible approach. Here, though, I will cover the FCA statement on expectations for solo-regulated firms: 1. Senior Management Responsibilities: In relation to risk responsibilities, senior managers should now consider: Where the current situation might lead to emerging risks How it effects existing risks along with controls used to m...