FCA warns banks against being sloppy when surveilling remote workers

From: RegTech Analyst

A Financial Conduct Authority executive has warned banks against becoming lenient in how they surveil employees during Covid-19.

Julia Hoggett, director of market oversight, made the comments during a speech at a City Financial Global event, albeit remotely from the safety of her home.

“Whilst the fundamentals of the market abuse offences are constant, the ways in which the risk may manifest are not,” she said. “The manner of surveilling for them must, therefore, also change.”

Hoggett added that for all intents and purposes, the FCA expects banks to apply the same surveillance for staff working from home as they would at a the office.

“Our expectation is that going forward, office and working from home arrangements should be equivalent – this is not a market for information that we wish to see be arbitraged,” she said.

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