Today, the FCA has published a note on Key Workers in financial services.
According to the FCA, all regulated firms will now be required to identify their Key Workers, who are staff members working to provide essential financial services.
The types of roles that may be considered as providing essential services include:
To assist firms in identifying their Key Workers, the FCA has advised firms to look for individuals who support activities, services or operations which, if interrupted, are likely to lead to the disruption of essential services to the economy or financial stability. Firms should also identify critical outsource partners, who are essential to the continued provision of services, whether they belong in the financial services industry or not.
In response to FCA’s latest guidance, our team is working on adding a new Key Worker section to the SM&CR tool of the EnOC Pro Platform, where members can easily log their Key Workers. We will make this available within the next few weeks, if not sooner - stay tuned for updates!
UPDATE @ 25 March 2020: Customers of the EnOC Pro Platform are now able to use the Platform to identify their Key Workers and to also indicate the criteria by which they have been identified as Key Workers. And from there, the Platform will automatically generate a Register of Key Workers, keeping it simple for customers and for evidencing to the FCA.