Wealth management trade body PIMFA is to hold weekly meetings with the FCA on how the Coronavirus epidemic is affecting members.

The meetings will take place virtually.

The FCA has been active in keeping in touch with trade and professional bodies, including PIMFA, during the Covid-19 outbreak.

The trade body has also written to the FCA and the Treasury outlining “concerns and potential impact” of Coronavirus on member firms and their clients.

PIMFA chief executive Liz Field has written to FCA chief executive Chris Woolard and Treasury director general of financial services Katherine Braddick, outlining concerns for member firms.

She says she has reiterated the need for guidance and clarification for firms on how they should engage with the regulator during the uncertainty.

PIMFA said: “The FCA has initiated regular weekly meetings that will give PIMFA the opportunity to provide feedback from firms on compliance and operational issues they may be facing in the current climate.

“Firms have been encouraged to contact PIMFA outlining the challenges they are currently facing, so that those challenges can be fed back into a constructive dialogue with the FCA.”

PIMFA chief executive Liz Field said: “While we recognise the FCA’s resources will be stretched at the current time as a result of an increasing number of queries from firms, as well as the regulator’s need to act in the best interests of its own staff, there are a number of issues I have identified and highlighted to the FCA on behalf of our members today.

“Much of what I have set out centres on communication with and servicing clients and engagement with the regulator, as well as the operational concerns many firms may have. I have also called for some regulatory forbearance given the extraordinary times we are living through.”

She has asked members to contact PIMFA if they have any concerns they would like raised with the FCA.