Introduction it seems that both executives and employees of financial firms have begun flexing their muscles. Wall Street was one of the first communities worldwide to decree that the work-from-home (WFH) party was over. Big firms like JP Morgan Chase, Bank of America, and others have demanded that their employees return to the office. Not to mention that most have mandated that all employees be vaccinated before they do so – “or else.” David Solomon, the CEO of Goldman Sachs, publicly called out WFH as “an aberration … and not the new normal.” But employees are flexing their muscles in this period of “The Great Resignation.” Specifically, they are flexing their legs and feet as they’re walking away in droves despite unprecedented bonuses to retain them or lure their replacements. Indeed, the war on talent rages on. A key part of that tug-of-war between executives and employees is the now requisite demand for flexibility – which is code for WFH.
It’s about integrity The FCA, per its charter, is focused on protecting the integrity of the markets. Even if that means visiting brokers and executives in their homes. Stated more bluntly, the plan is to do whatever it takes to reduce the risk of harm to consumers. And the financial services people who WFH can like it – or leave it. “…FCA visits could take place in homes.” As expected, the reaction was swift and unfavorable. Given the ambiguity in the note related to how and under what terms the FCA would mandate a home visit, workers immediately spoke up to voice their discontent with the decree. Having previously conducted dozens of raids at dawn in 2018, eight in 2019, then only a few in the first half of 2020, people are questioning the drastic change of tactics vocalized by the regulatory authority.
A scare tactic or does their move have teeth? “Risks from misconduct may be heightened or increased by homeworking” is an affirmation made by the FCA and it sounds like a conclusion rather than a concept up for deliberation. What that means for financial firms is not yet clear, but there are some signs of what’s to come.
Consider these next steps Whether or not the FCA will come knocking on your door isn’t entirely clear. But it does sound like they may do so. There are a few things that you can do to keep this unwelcome visitor at bay: Adhere tightly to Principle 11 of the FCA’s Principles for Business where you inform the authorities of any changes in your working environment. Clearly define and track where the work is being conducted to meet threshold requirements of Schedule 6 Part 1B of FSMA which define oversight for key functions, where the managers preside over those functions and ensure that consumers will be able to interact with the firm if they do not have access to digital communications. Location, location, location, as they say. The FCA wants firms to maintain a high level of accuracy on their registry so that anyone registered as a current location and means of contact as the FCA holds the authority to audit and inspect any location where work is being performed.
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