Just as the challenges faced by individuals and businesses during the pandemic are exceptional, so too is the Government’s response, and it is clear that both of the UK regulators expect firms to approach their business in the same way. There are lessons to be learned from the experience of the last financial crisis, as firms continue to develop, adapt and implement their response to these unprecedented circumstances.
Over the coming weeks our financial services and risk consulting teams will be publishing a series of articles exploring the issues relevant to providers of financial services to retail clients or consumers, on both their businesses and their customers, as they respond to the impact of COVID-19 in the UK. Each article will provide an overview of the key regulatory messages, the interplay with HM Government initiatives and schemes, and some practical input from our experience.
The first article, which focuses on the approach to vulnerable customers, can be found here. Subsequent articles will be published on the same page on a weekly basis.