The letter notes that, considering the issues presented by the coronavirus (Covid-19) pandemic, addressing any weaknesses in these key areas is an important priority.
The guidance provides additional direction for companies to meet their safeguarding requirements and it outlines the FCA’s expectation of companies to put in place more robust plans for winding down, so that customer funds can be returned in a timely manner.
The six areas where companies should act to review and improve their compliance procedures to protect consumers are: safeguarding, prudential risk management, financial crime, financial promotions and consumer communications, governance and oversight, records management and reporting.
The FCA goes on to warn that “We will act swiftly and decisively if you fail to meet our expectations”.
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