On 17 March 2020, the FCA published a new webpage providing information on its expectations of firms’ response to the coronavirus. It will update the webpage over the coming weeks and expects to adapt its guidance accordingly. Private banks are therefore advised to check the webpage regularly for updates.

Key messages from the FCA are that it expects all firms to:

..Take reasonable steps to ensure that they are adequately prepared to meet the challenges to both their business and their customers as a result of the coronavirus, particularly through their business continuity plans

..Provide strong support and service to customers

..Actively manage their financial resilience and liquidity, reporting to the FCA immediately if they believe they will be in difficulty.