The FCA has explained that is working closely with the Government, the Bank of England, the Payment Systems Regulator and firms to ensure markets continue to work well for consumers. This includes making regular contact with firms to assess their preparedness and monitoring their business continuity plans.
In the meantime, the FCA reminded customers of:
- Be aware of scams related to Covid-19: Scams take many forms and could be about insurance policies, pensions transfers, or high-return investment opportunities, including investments in cryptoassets. To help protect against scams, the FCA recommends, amongst other things, rejecting offers that come out of the blue, not to click links or open emails from unknown senders, avoiding being rushed or pressured into making a decision and not giving out personal details (bank details, address, existing insurance/pensions/investment details).
- Treating customers fairly: The FCA explained that it is closely engaged with firms to understand the potential impacts on consumers of Covid-19 and is reminding firms that they must treat customers fairly and consider the needs of those potentially affected by the impact of coronavirus. The FCA also urges consumers under additional financial pressure and experiencing payment difficulties should contact your credit provider or mortgage lender as soon as possible and explain your situation.
- Access to cash: The FCA is working with the Bank of England and the Payment Systems Regulator, along with Link, to ensure consumers have access to cash through the wide range of ATM networks.
- Insurance: The FCA is in regular conversations with insurance providers to ensure they can manage any impact of coronavirus on their operations. It recommends that consumers should contact their providers directly if they are unsure about coverage. Insurance providers should be able to clearly highlight any exclusions that may exist.