One of the reasons for the RTO edict is that new regulations from the Financial Industry Regulatory Authority-a self-regulatory agency-now require the home offices of remote workers to be registered and inspected every three years under a new pilot program, Bloomberg reported.
"Our new Residential Supervisory Location Rule and Remote Inspections Pilot Program Rule are intended to provide member firms greater flexibility -not less-to allow eligible registered persons to work from home, following the expiration of temporary COVID-19 relief from existing requirements," FINRA said in a statement.
Now, the financial institutions are scaling back remote work options, although FINRA claims the banks' decisions run counter to the motivations behind the new rules.
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