The Financial Conduct Authority (FCA) has asked firms to demonstrate any steps they have taken to mitigate the impact of non-compliance with typical postal and paper processes during the coronavirus pandemic.
The financial watchdog said it accepted obligations for paper documents could be difficult to meet on typical timescales, and that it was willing to show flexibility on approaching such issues.
It said firms should demonstrate any steps they had taken to mitigate the impact of non-compliance with postal and paper processes, and return to full compliance “as soon as practical”.
The FCA said it was concerned about vulnerable customers who may not use online services.
It said it expected firms to provide general updates on how they will treat incoming and outgoing post and cheques. It said the communications should update customers on market conditions, explain how customers can check their financial statement and invite customers to contact the firm if they wish.
It also said it expected firms to carry out suitability assessments, despite not being able to carry out face-to-face meetings.
This article was previously published on Professionaladviser.com