The FCA tells banks to stay open

The UK went on lockdown on Monday March 23. Still, the UK’s top financial watchdog is advising that banks remain open.

The Financial Conduct Authority (FCA) has advised banks and building societies to keep their physical branches and contact centres open as they have been deemed an essential function for people.

That being said, the regulator does advice that these organisations take every possible precaution in order to prevent the spread if the coronavirus.

The FCA stated that it will continue to work closely with the Bank of England, Prudential Regulation Authority, HM Treasury and other central government bodies to support the measures to manage the impact of the COVID-19 outbreak.

In line with the latest UK Government announcement, our current advice to banks and building societies is that they should keep branches and contact centres open, where possible, as they are deemed essential for civil and commercial functions.

We do encourage banks and building societies to take the necessary precautions to keep their staff and customers safe, in particular following National Health Service (NHS) guidance.

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