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FCA report on borrowers in financial difficulty following the Coronavirus pandemic – key findings

By Simon Lovegrove (UK) on November 4, 2022 Posted in Coronavirus, United Kingdom

On 3 November 2022, the FCA published a report on borrowers in financial difficulty following the Coronavirus pandemic – key findings. The report details findings from the FCA’s review of firms’ treatment of borrowers in financial difficulty after the pandemic and includes all areas firms must improve on. Background Following the outbreak of the Coronavirus … Continue Reading

Borrowers in financial difficulty project – supporting those facing payment difficulties due to coronavirus

By Matthew Gregory (UK) and Simon Lovegrove (UK) on January 20, 2022 Posted in Retail, United Kingdom

On 19 January 2022, the FCA issued a webpage regarding its borrowers in financial difficulty project which is intended to ensure firms continue to support borrowers in financial difficulty. With the pandemic ongoing the FCA wants to reiterate its expectations for the treatment of customers, as set out in the Tailored Support Guidance (TSG) for … Continue Reading

Updated FCA statement – Firm handling of complaints during coronavirus

By Simon Lovegrove (UK) on May 14, 2021 Posted in Coronavirus, United Kingdom

On 12 May 2021, the FCA updated its statement concerning firm handling of complaints during coronavirus. The update provides that as from 1 May 2021 the statement is no longer in force.… Continue Reading

Updated FCA webpage – changes to regulatory reporting during coronavirus

By Lisa Lee Lewis (UK) on May 12, 2021 Posted in Coronavirus, United Kingdom

On 11 May 2021, the FCA updated its webpage regarding changes to regulatory reporting during coronavirus. The update states 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). For this … Continue Reading

Coronavirus linked forbearance: key findings

By Matthew Gregory (UK), John Coley (UK) and Simon Lovegrove (UK) on March 26, 2021 Posted in Coronavirus, United Kingdom

On 25 March 2021, the FCA published the findings from its multi-firm review where it considered mortgage and consumer credit firms’ implementation of the September 2020 Tailored Support Guidance (TSG) covering mortgages, consumer credit and overdrafts and the operational readiness of firms to support customers in financial difficulty. The key findings from the FCA review … Continue Reading

Draft FCA Guidance: Mortgages and coronavirus: further updated tailored support guidance for firms

By Matthew Gregory (UK) and Joe Bamford (UK) on March 8, 2021 Posted in Retail, United Kingdom

On 5 March 2021, the FCA set out proposals to update its January 2021 guidance “Mortgages and Coronavirus: Tailored Support Guidance”. The proposed updates to the earlier guidance are contained in paragraphs 1.2 and section 7 (repossessions). In section 7 the FCA is proposing to introduce updated guidance for firms from 1 April 2021, to … Continue Reading

Changes to regulatory reporting during coronavirus

By Simon Lovegrove (UK) on February 8, 2021 Posted in Coronavirus, United Kingdom

On 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

FCA asks banks to reconsider branch closures during coronavirus lockdown

By Matthew Gregory (UK) on January 29, 2021 Posted in Banking, United Kingdom

On 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

Financial crime systems and controls during coronavirus situation – update

By Lisa Lee Lewis (UK) and John Coley (UK) on January 11, 2021 Posted in Coronavirus, United Kingdom

On 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

FCA publishes coronavirus financial resilience survey data

By Simon Lovegrove (UK) and Lisa Lee Lewis (UK) on January 8, 2021 Posted in Coronavirus, Coronavirus, COVID-19, United Kingdom

On 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