FCA has proposed guidance for firms that will be providing Pay as You Grow options under the Bounce Back Loan Scheme (BBLS) of UK government. The proposed guidance intended to help firms understand how they can use and offer these options in a manner compliant with Chapter 7 of the Consumer Credit Sourcebook (CONC). The consultation ends on December 18, 2020 while the final guidance will be published in early 2021. As part of the consultation paper CP20/23, FCA is consulting on miscellaneous amendments to its Handbook, including transposing Article 1(16) of the Bank Recovery and Resolution Directive (BRRD)2 into FCA rules, for which the comment period ends on February 04, 2021. As mentioned in CP20/23, FCA and PRA are also jointly consulting on clarifications on the expectations for temporary, long-term absences (longer than 12 weeks) under the Senior Mangers' regime. The feedback period for the joint consultation ends on January 04, 2021.
- FCA Notification on BBLS Guidance
- Proposed Guidance on BBLS (PDF)
- FCA Consultation on Amendments to Handbook
- PRA Notification on Senior Manager Leaves Amendment
Comment Due Date: December 18, 2020/January 04, 2021/February 04, 2020
Keywords: Europe, UK, Banking, Insurance, Securities, COVID-19, BBLS, FCA Handbook, Senior Managers, BRRD2, Credit Risk, Consumer Credit, PRA, FCA
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