WFH – Is the NonRegulated Party Over? Contingent upon which side of the table you're on – be it the Board room or your kitchen table – it appears to be that the two chiefs and representatives of monetary firms have started utilizing their muscles
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 whom WFH can like it – or leave it.
On October 11, 2021, the FCA issued a note that stated, “…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
A scare tactic or does their move have teeth? Apparently, it’s the latter. The FCA has stated that firms upholding hybrid work policies must first vet them for approval. And then have periodic check-ins with the RegTech authority to ensure the policies have kept up with the ever-changing demands for compliance. The rationale cited is that laptops and other work devices, which were typically safely housed within the financial institution, are now “on the move” and hence the risk of those devices being compromised is significantly heightened.
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