IMPORTANT – Business Continuity Update

As the UK moves towards the next phase of the strategy for managing the coronavirus outbreak, I wanted to brief you on the arrangements and contingency plans Innes Reid (IR) have made to allow us to continue to serve you through this difficult period.

Our office remains open and we continue to hold client meetings, though we are minimising the risk of the virus entering the office, as you would expect.

  • I can confirm facilities within the office have been upgraded (where possible), in line with government public health recommendations.
  •  We have completed health status and travel audits of all staff and anyone with whom they have frequent contact, which has not raised any concerns. Staff are avoiding all non-essential travel.
  • At this time we continue to hold face to face meetings, though we can offer tele or video conferencing if you prefer. You will be contacted about this directly if it affects you and asked about your current health situation in relation to the virus, before a face to face meeting is confirmed.
  • Staff members have been instructed that if they, or a member of their household, contract the virus or have virus like symptoms, they must stay at home for at least fourteen days.

More generally and in accordance with IR’s Business Continuity and Incident Management programme, IR are implementing response strategies and maintaining a state of readiness for further escalation of the situation.

In which case, the following measures will be implemented:

  • All IR staff are prepared to work remotely for a sustained period and split operations at different locations for business critical staff could be implemented.
  •  Technology, as well as the continued connectivity and operation of business systems, has been checked to ensure that staff are able to operate seamlessly on a remote/virtual basis. This includes measures to protect sensitive data.
  • We are conducting ongoing due diligence on our Platform providers and outsource service providers to assess and check how they plan to continue providing services, should their resources become stretched. At this stage, we have not identified any areas of concern.

I believe we have taken the necessary steps to prepare for the increasing challenges that will develop as the government moves through the phases of management of the pandemic.

Whether the office continues to remain open or we are forced to work remotely, we will be contactable on our normal office number: 01244 347 583 during office hours, with an answer service available outside of these hours. Alternatively, your adviser can be emailed as normal.

These are difficult times for everyone and the significant volatility in investment markets is another dimension to the challenge. I am acutely aware of our responsibility to you and whatever the circumstances, we will continue to fulfil our commitments as best we can in the weeks and months ahead.

Since Innes Reid was established in 1999, we have invested through a number of stock market meltdowns. These include the dotcom crash, 9/11, the Global Financial Crisis, the Brexit vote, and the late 2018 drop. Importantly, stocks have always bounced back.

Due to the economic uncertainty associated with the coronavirus, no one knows where this crash ends. There is every chance global stock markets could fall further from here. The next few weeks, at least, are likely to be extremely unnerving.

However, volatility is a two way street. The biggest daily market gains often follow the biggest falls. Markets will fall but markets will recover. It’s time in the markets rather than timing the markets that will lead to the healthiest return over time.

If at any time you need reassurance or have any queries whatsoever, please do not hesitate to make contact.

Regards,
Mark Reidford
Managing Director

 


If you have any queries as to how this may affect you, please contact us by email: info@innesreid.co.uk, or on our normal office number: 01244 347 583 during office hours.
 
For further business updates regarding coronavirus, please visit our designated webpage at: www.innesreid.co.uk/coronavirus/
 

 

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