Little did we know that this was a perfect rehearsal for the challenges we now face as a result of Covid 19 as, once again, the entire team is working from home and conducting business as usual, with a few tweaks or additions.
Our use of technology is helping immeasurably to keep us operationally flexible. External meetings are held either by phone or, for larger groups, Zoom. For social or internal work communications we use WhatsApp or Slack.
For the foreseeable future we will be putting our events and learning programmes online, again using Zoom where appropriate, particularly for webinars. The first of our online workshops was held very successfully last week (for our first one) and we will be announcing further innovations in this respect shortly.
But business is not as usual. Our economy, and the businesses which serve it, are under huge and growing strain, requiring a different interaction with regulators and government than is normal. So, as the trade association for the wealth management and financial advice sectors, we are fully engaged in helping our member firms to manage this new and daunting situation effectively.
Communication is key. Sharing information among members on operational resilience, cyber security and mental wellbeing is crucial for the health and flexibility of our industry.
Regulators, government and other stakeholders need to be made aware of the issues being faced by our industry and we are plugged into all major forums, such as the FCA, HM Treasury, the CBI and others to exchange this information, including the dreaded 10% fall notices, looking for proportionality and pragmatism in their approach and providing much wanted intelligence back.
We have been talking to HM Treasury, for example, about how they can provide support for small firms and eligibility for businesses regarding the Coronavirus Business Interruption Loans (CBIL).
Initially daily conversations with FCA have quickly morphed into weekly meetings to go through the whole host of queries from firms on operational resilience and servicing clients, and these meetings are now followed by a webinar for members, providing answers to their questions and generating new ones. This weekly webinar is put online for those members who cannot attend in real time.
The Covid crisis is regrettably providing myriad opportunities for fraud.
The National Crime Agency (NCA) has warned that criminals are now targeting people looking to buy medical supplies online, sending emails offering fake medical support and scamming people who may be vulnerable or increasingly isolated at home and we are holding meetings with the relevant agencies to share intelligence from our members.
Making private investors aware of the ‘too good to be true’ offers should not only reduce the impact on consumers but, looking further ahead, should reduce impact on the Financial Services Compensation Scheme (FSCS) and our firms in terms of future claims.
For myself, I am sharing my office with my cat and, through our weekly Zoom virtual coffee mornings, it appears that there are a number of the team who are doing the same, along with children too.
For us and many firms, the opportunity this lockdown gives in flexible working and bringing our real selves to work, will shape our culture once we emerge. And what we do during this period for our clients and communities will serve as a testament to the value we bring.
Life is carrying on, albeit under lockdown but opportunities we have to make a difference will count now and in the future.
Stay safe . . . . . . and #stayconnected!
Liz Field is chief executive of PIMFA