The FCA highlighted that it is aware that there is some uncertainty around requirements under the scheme while legal proceedings are ongoing.
The FCA have made clear in this update that firms should continue to carry out work that can be done now and will be necessary in all circumstances but that it will be pragmatic and will not require firms to communicate with customers or make payments as required by the scheme timetable for now, and will also not enforce compliance with the requirement to provide monthly reports.
Finaly, the FCA also sets out that it will keep this under review as the Tribunal timetable becomes clearer and engage with lenders and consumer groups on whether any further consumer communications or information on scheme preparations or contingency planning may be appropriate.