FCA Extends Timelines for Certain Regulatory Returns Amid COVID Crisis
FCA extended the submission timelines for certain regulatory returns that are due up to and including June 30, 2020. FCA also published a draft temporary guidance on payment deferrals and high-cost, short-term credit loans, including payday loans. The comment period for the guidance ends on April 20, 2020 and FCA aims to publish the final guidance by April 24, 2020. FCA will review this guidance in the next three months in the light of developments regarding COVID-19 outbreak and may revise the guidance if appropriate.
The SUP 16 handbook returns to which the one-month extension applies are:
- COR001A (Own funds), COR001B (COREP Leverage Ratio), COR002 (COREP LE), COR003 (COREP NSFR), and COR005 (Asset Encumbrance)
- FRP001 (FINREP)
- FSA004 (Breakdown of Credit Risk Data), FSA005 (Market Risk), FSA007 (Operational Risk), FSA008 (Large Exposures), FSA014 (Forecast Data from Firms), FSA017 (Interest rate gap report), FSA018 (UK integrated group—Large Exposures), FSA019 (Pillar 2 Information), and FSA055 (Systems and Controls Questionnaire)
- REP005 (High Earners Report)
- RMA-D2 (Financial Resources)
A two-month extension applies to returns such as FIN-A on annual report and accounts, Annual financial reports (as required under Disclosure Guidance and Transparency Rules), Credit union complaints return (CREDS 9 Annex 1R), Complaints return (DISP Annex 1R), and Claims management companies complaints return (DISP 1 Annex 1AB). Additionally, the Employers’ Liability Register compliance return for 2020 need not submitted. For small or medium-size businesses (paying less than GBP 10,000 in fees and levies in 2020/2021) the administrative fee for late returns has been waived until June 30, 2020. Returns not included in this communication do not have an extension and firms must submit their data in the usual timeframe.
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Keywords: Europe, UK, Banking, COVID-19, Reporting, COREP, FINREP, High Cost Short Term Credit, Credit Risk, FCA Handbook, Guideline, FCA
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