Posted in Coronavirus, United KingdomOn 5 February 2021, the FCA updated its web page concerning changes to regulatory reporting during coronavirus. The update provides that due to the challenges faced by firms and their auditors preparing audited financial statements during the COVID-19 pandemic, the FCA will allow flexibility in the submission deadline for FIN-A (annual report and accounts). The … Continue Reading
Posted in Banking, United KingdomOn 28 January 2021, the FCA issued a new webpage reminding banks of the guidance it published last September on branch closures and ATM closures and conversions. On the webpage the FCA states that in line with the guidance, banks should consider the impact of branch closures on customers and that where they are unable … Continue Reading
Posted in Coronavirus, United KingdomOn 6 May 2020, we reported that the FCA had published a new webpage concerning a statement on financial crime systems and controls during coronavirus situation. On 8 January 2021, the FCA added the following text to this webpage, “This statement will no longer apply from 7 February 2021”.… Continue Reading
Posted in Coronavirus, Coronavirus, COVID-19, United KingdomOn 7 January 2021, the FCA published the results of its COVID-19 financial resilience survey data. The surveys were sent to solo-regulated firms to inform the FCA of the impact of the pandemic on firms’ financial resilience. The surveys did not cover the 1,500 largest firms in the UK financial sector who are regulated by … Continue Reading
Posted in Consumer credit, United KingdomOn 11 November 2020, there was published on legislation.gov.uk The Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020 together with an explanatory memorandum. The Consumer Credit Act 1974 (the Act) created a consumer protection regime, which required creditors or owners to send notices to borrowers or hirers under regulated agreements before taking … Continue Reading
Posted in Coronavirus, United KingdomOn 2 November 2020, the FCA announced that it would be updating its temporary guidance on personal loans, credit cards, motor finance, rent to own, buy-now pay-later, pawn broking and high-cost short-term credit to support consumer credit customers financially affected by the COVID-19 pandemic. On 4 November 2020, the FCA issued a consultation on updating … Continue Reading
Posted in Coronavirus, United KingdomOn 2 November 2020, the FCA published a new webpage setting out proposals to provide further support for mortgage borrowers impacted by the COVID-19 pandemic. The FCA is proposing to extend the availability of payment deferrals to support mortgage borrowers who are experiencing payment difficulties because of coronavirus. The proposals, if implemented, mean … Continue Reading
Posted in Coronavirus, United KingdomOn 2 November 2020, the FCA issued a statement concerning consumer credit borrowers and the latest Government restrictions in response to the COVID-19 pandemic. The FCA states that it will update its temporary guidance on personal loans, credit cards, motor finance, rent to own, buy-now pay-later, pawn broking and high-cost short-term credit to support consumer … Continue Reading
Posted in Market abuse, United KingdomOn 12 October 2020, the FCA published a speech by Julia Hoggett (FCA Director, Market Oversight) entitled Market abuse in a time of Coronavirus. Key points in the speech include: The FCA has sought to place the market abuse risk assessment at the heart of how it encourages firms and venues to think about all … Continue Reading
Posted in Mortgages, United KingdomOn 8 October 2020, the FCA published a speech by Jonathan Davidson (FCA Executive Director of Supervision – Retail and Authorisations) entitled Mortgages and coronavirus – enabling positive consumer outcomes. Key points in the speech include: The FCA is hearing from some firms a desire to move from the ‘crisis’ approach taken so far during … Continue Reading
