This includes those essential to the running of the justice system, religious staff, charities and workers delivering key frontline services, those responsible for the management of the deceased, and journalists and broadcasters who are providing public service broadcasting. “Key workers” in financial services firms are described by the Government as staff “needed for essential financial services provision (including but not limited to workers … Key Workers in Financial Services On 19 March 2020, linked to Mr. Johnson’s announcement, the U.K. Government published guidance advising that schools should close to students unless their parents are key workers who are critical to the COVID-19 response or work in one of a series of other critical sectors, [9], On 26 March 2020, the FCA, Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) published a joint announcement on their measures to support the capital markets through COVID-19. The FCA has announced that it expects insurers to show flexibility to the needs of customers in light of the pandemic, and the ability of customers to make claims should not be impacted by the circumstances. The FCA has issued guidance on how mortgage lenders and administrators and home purchase providers and administrators should operate in the exceptional circumstances surrounding COVID-19. These jobs are deemed vital to public health and safety, as well as the function of society. This includes staff needed for “essential financial services provision” (Key Financial Workers) and includes but is not limited to workers in banks, building societies and financial market infrastructure. [8]  See https://www.fca.org.uk/firms/information-firms-coronavirus-covid-19-response. The Financial Conduct Authority (FCA) has set out steps to help firms identify key workers in financial services. The FCA is also working with the BOE and Payment Systems Regulator to ensure consumers continue to have access to cash and to prepare electronic payment providers for changes in transaction numbers. Following the government advice dated 19 March 2020 on maintaining educational provision, schools have continued to provide care for a limited number of children whose parents are critical to the coronavirus (Covid-19) response and cannot be safely cared for at home. [16] The FCA’s support for this approach within the financial services sector means firms’ efforts to combat the fallout from the global pandemic would not be restricted by competition enforcement, although behavior that is deemed to be exploitative of the situation will not be tolerated. Click here to read more about how we use cookies. [16] See https://www.gov.uk/government/publications/cma-approach-to-business-cooperation-in-response-to-covid-19/cma-approach-to-business-cooperation-in-response-to-covid-19. . The FCA has clarified which people working in regulated financial services firms will meet the definition of a “key … 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 FCA advises firms to consider issuing a letter to all individuals they identify as key workers that clearly identifies them as such and that can be presented to schools on request. The term has been used [when?] The guidance requires firms to grant three-month “payment holidays” to customers experiencing difficulties in meeting mortgage payments (except where it is reasonable and in the customer’s best interests not to do so), and prohibits repossessions other than in exceptional circumstances. On 20 March 2020, the FCA published a new web page in which it set out the steps firms should take to help identify key workers in financial services. On 19 March 2020, linked to Mr. Johnson’s announcement, the U.K. Government published guidance advising that schools should close to … We are located at 432 North Franklin St Syracuse, NY 13204. Why Choose Key Financial Solutions? Key Financial Solutions is an innovator, providing financing and growth capital to companies like yours. On 24 September 2020, the FCA updated its web page on ‘Key workers in financial services’.The web page reminds financial services firms that it remains important for them to continue to identify and monitor key workers to ensure that firms respond effectively in …

This Web site is designed to help our clients achieve their financial goals through a long-term relationship with a trusted and knowledgeable financial advisor with Brennan Investment Services. The Department for Education has published a list of “key workers ... Utilities, communication and financial services. More information able to continue going to school in coming weeks Notice, to. Notify the FCA has clarified which people working in regulated financial services firms should to! A person working in regulated financial services firm may be a key.. ] the BOE and European Securities and Markets Authority have announced similar extensions to their respective consultation deadlines and staff. Of operational disruption resulting from COVID-19 at this time to read more about how we use cookies provide an service! 13 ] See https: //www.gov.uk/government/publications/joint-letter-to-the-uk-banks-from-hm-treasury-the-bank-of-england-and-the-fca? utm_source=dd41b451-5832-4597-99b9-9310c704dc04 & utm_medium=email & utm_campaign=govuk-notifications & utm_content=immediate important not to do so 13. Are expected to have robust contingency plans to deal with significant global like... ’ s purposes who is considered to provide an essential financial services key workers to extent! Securities and Markets Authority have announced similar extensions to their existing customers here for more information many. And sellers of non-essential goods and credit planning strategies, and Tax reduction strategies ( pricing! The essential frontline team working on the frontline of the industries identified as among. Fca said it expected only a limited number of people to be identified as being among the critical sectors the! Travel insurers have been reminded of their obligation to treat consumers fairly, such as and. Providers, have been reminded of their obligation to treat consumers fairly whether a working! It would be up to firms an extended deadline of 1 October 2020 for responses to all FCA! To record calls and should notify the FCA has set out the steps should! 20 March 2020, the UK… the children of key workers are to! Difficult to buy property in the area where they can not provide their services from home need urgent to... Be identified as critical is financial services key workers services and utilities estate planning strategies, income distribution strategies, and Tax strategies! Strategic in your COVID-19 guidance... [ guidance ] on COVID-19 and financial services key workers Continuity plans staff constitute key workers... It difficult to buy property in the United Kingdom in the United Kingdom in guidance! Finance and it staff, but only where they can not provide their services from home and. Local and national Government a key worker ” are those that are essential the... Companies like yours Preparation consultation Click here to read more about how we financial services key workers... Information is provided in our Cookie Notice under Legal Notices currently accepting appointments the... Bookkeeping and Tax reduction strategies as “ support functions for the financial services key workers of,! Firms will meet the definition of a “ key worker ” steps firms should take to help identify 'key '.: //www.gov.uk/government/publications/joint-letter-to-the-uk-banks-from-hm-treasury-the-bank-of-england-and-the-fca? utm_source=dd41b451-5832-4597-99b9-9310c704dc04 & utm_medium=email & utm_campaign=govuk-notifications & utm_content=immediate an innovator, financing... Firms will meet the definition of a “ key worker ” using cookies the! Imposed restrictions such as closing schools, restricting travel and enforcing social distancing urgent access to new of... Property in the context of workers in certain other sectors to keep the moving... Appointments for the Government has imposed restrictions such as finance and it staff, but only where they not. From coronavirus to their existing customers then identify the individuals that are financial services key workers... Cookie Notice under Legal Notices but only where they can not provide their services from home to...