The Financial Conduct Authority (FCA) has sent a letter to heads of retail financial services firms recognising the need for some changes in light of the COVID-19 outbreak.
For example, firms may accept scanned documentation sent via email or accept “selfies” to verify customer identities.
The FCA has also said it will not take enforcement action if the firm issues at least one notification to customers in the current reporting period and provides other updates via the website or social media channels.
Firms could accept scanned documentation sent by e-mail, or ask clients to submit 'selfies' from their smartphone or videos, the FCA said. They could also send codes to a customer's address to validate access to accounts.