To embed, copy and paste the code into your website or blog: The Financial Conduct Authority (FCA) has warned banks and other financial institutions of its determination to clamp down on market abuse arising from virtual working. Catherine Gibaud assesses the main conduct risks and the implications of the regulatory reckoning awaiting financial institutions. In 2020, at the height of the pandemic, we considered that regulatory reckoning would focus on three areas: market conduct risks, retail conduct risks and SME lending decisions in the context of government loan schemes. Several months on, and with the virtual working environment now “business as usual” for many banks and financial institutions, we revisit these likely areas of scrutiny to consider developments and manifestation of these risks so far.