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
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 The update provides that as from 1 May 2021 the statement is no longer in force.
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
On 27 April 2021, the PRA issued a statement providing an update on its statement of 28 July 2020 which provided guidance on the disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
The PRA states:
On 6 April 2021, the Bank of England (BoE) issued a statement concerning the Government’s Recovery Loan Scheme (RLS). Specifically the statement sets out the PRA’s observations on whether the guarantees provided by the Secretary of State for Business, Energy and Industrial Strategy under the RLS are eligible for recognition as
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
More than one in four UK employees (over 9 million people) have been furloughed during the course of the Government’s Coronavirus Job Retention Scheme (the Scheme). HMRC considers that as much as £3.5 billion has been paid out in wrong or fraudulent claims and it has received over 20,000 reports of fraudulent furlough claims from
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
On 5 February 2021, the PRA issued an update regarding its expectations concerning regulatory reporting. The update follows the statement the PRA made on 26 June 2020.
In terms of the filing deadline for the annual report and accounts, the PRA states that, consistent with the announcement made by the FCA, it will accept a
On 5 February 2021, the FCA published a multi-firm review that looks at how firms implement technology change, the challenges caused when changes fail, and the steps firms can take to protect consumers from harm and disruption in the market.
One of the goals of the review was to highlight practices utilised within the industry