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
The Financial Conduct Authority (FCA) has published a ‘policy checker’ and a set of frequently asked questions in order to help policyholders understand whether they have valid claims under their business interruption policies in the light of the Covid-19 pandemic.
The checker follows the Supreme Court decision in FCA v Arch Insurance (UK)
On 29 January 2021, the European Banking Authority (EBA) published its third COVID-19 implementation report which provides clarifications on questions that have been raised with it. The implementation report includes questions and answers on the guidelines on moratoria which is accompanied by a summary overview of the general payment moratoria in place in
On 27 January 2021, the FCA confirmed that it was updating its guidance on mortgages and consumer credit repossessions.
In November 2020, the FCA published guidance providing that firms should generally not enforce repossessions before 31 January 2021. On 13 January 2021, the FCA published updated draft guidance for comment.
For mortgages, the FCA is
On 26 January 2021, the FCA published Finalised Guidance for firms that provide Pay as You Grow (PAYG) options under the Government’s Bounce Back Loan Scheme (BBLS) so that they understand the regulator’s expectations before they start collecting debts from customers.
Chapter 7 of the FCA’s Consumer Credit sourcebook (CONC
On 12 January 2021, the FCA announced that it was conducting a short consultation regarding updating its guidance for firms on the treatment of mortgage and consumer credit customers facing repossession.
The FCA’s current guidance on mortgage repossessions means firms should not enforce repossessions before 31 January 2021 except in exceptional circumstances, such as a
On 17 March 2020, we reported that the FCA had published a new webpage containing information for firms regarding the COVID-19 pandemic. On 6 May 2020, we further reported that the FCA had added a new section to this webpage concerning information security. On 8 January 2021, the FCA updated the text that appears on
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
On 10 December 2020, the PRA issued a statement regarding capital distributions by large UK banks.
At the end of March, the PRA issued a statement welcoming the decisions of the boards of the large UK banks to suspend dividends and buybacks on ordinary shares until the end of 2020. At the PRA’s request they