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 6 July 2021, the Basel Committee on Banking Supervision published a report that gives a preliminary assessment of the impact of the implemented Basel reforms during the COVID-19 pandemic as part of a broader review of their effectiveness.

Overall, the report finds that the increased quality and higher levels of capital and liquidity in

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:

  • Firms should continue to use the templates published with the PRA’s statement of 28 July

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