FCA - Financial Conduct Authority Wants Staff Back In The Office
Companies seeking to implement a hybrid working model, which is a mix of office and work, permanently need to get approval from the Financial Conduct Authority and check the employees are not harming either the markets or the customers. Since March 2020, many staff of banks and other investment firms started working from home due to the COVID-19 pandemic and lockdown announced by the government. However, with the lift of restrictions, employees are now returning back to their offices either part-time or full time.
Analysts believe the hybrid model may stay further as companies are finding it is benefiting them as well as the staff to some extent. The financial watchdog has stepped saying the new work culture should not damage the markets and harm the customers. It should be taken note that work-from-home should not cut competition or increase financial crime risk.
FCA has asked the financial companies to share their plans with them and these will be subject to review before implementation. Moreover, the plans need to undergo periodic review to know if any new risk is emerging.
It is simultaneously suggested to demonstrate the hybrid model to confirm cyber-attacks can be handled even from home. The employees should be well equipped with record-keeping, maintaining protection and recording calls under such circumstances.
The work-from-home model is also threatened by security risks as the laptops transported from office to home contain confidential data or material. Handling the transit professionally and safely by security staff should be prioritized.
The FCA statement further adds that the model will be evaluated by them based on individual cases. The employees should know that a regulatory team may visit the homes where work is performed or where business is being carried out.