COVID-19: FCA's update for firms

The FCA's website may not be your first port of call to keep up-to-date on the COVID-19/coronavirus situation here in the UK, but it should be on your list. Why?, you may ask!

Well, as authorised firms, you'll already be checking the website to remain updated on new regulatory developments and outputs by the FCA.  However, aside from this, the FCA have started to publish information setting out its expectations for firms during the COVID-19 crisis.  In the current situation, the FCA's focus is on ensuring that consumers remain protected and markets continue to function well.

The FCA is keen to stress that they are reviewing their work plans so firms can delay or postpone activity which is not critical to protecting customers and market integrity. This will allow firms to focus on supporting their customers during this difficult period. 

The FCA is postponing and/or delaying activity and aspects of its regulatory changes programme which are not critical to consumers and market integrity in the short term.  Immediate action has been taken to extend the closing date for responses to their open consultation papers and Calls for Input until 1 October 2020.

Publications, and other planned work, due before the end of June have also been delayed. Delayed publications include the GI Pricing Final report and Consultation Paper on remedies, CP20/4: Quarterly Consultation No 27, the Motor Finance Policy Statement, Vulnerability Guidance and Research, and the Consumer Credit Act (CCA) review.

The full list and further information is set out on the firm specific webpage here.