Regulatory Alerts2020-03-30
FSCA Communication 12 of 2020 (General): Expectations for Regulated Entities During the COVID-19 Crisis
The Financial Sector Conduct Authority has issued comprehensive expectations for regulated financial entities to maintain fair customer treatment and operational resilience amid the COVID-19 pandemic. Regulated institutions must implement robust business continuity plans, minimize claim and renewal delays without imposing additional fees, clearly communicate policy changes to vulnerable customers, and extend specific regulatory submission deadlines to 31 May 2020. Senior management is required to actively monitor third-party risks, enhance cybersecurity measures for remote operations, and increase complaint reporting frequency to safeguard financial stability and customer outcomes.
Share