On 11 October 2021, the FCA published a new webpage concerning remote or hybrid working expectations for firms.
The expectations on the webpage apply to existing firms, firms applying to be regulated and firms proposing to submit further applications, such as a waiver, variation of permission, change of control etc.
In relation to existing firms the webpage explains that firms considering remote or hybrid working with be evaluated by the FCA on a case-by-case basis. Firms should consider how they operate their business and be able to prove that the lack of centralised location or remote working does not or is unlikely to cause detriment to consumers or impact its ability to meet the threshold conditions. Firms must also prove that there is satisfactory planning. This includes that there is a plan in place, which has been reviewed before making any temporary arrangements permanent and is reviewed periodically to identify new risks.