FCA Further Extends Deadlines for Certain Returns Amid COVID Crisis
FCA announced that it will continue to allow flexibility in relation to submission deadlines for certain regulatory returns that are due until September 30, 2020. For these returns, firms may apply two-month extensions to the deadlines. For returns listed in the announcement published on April 22, 2020, but not in this current update, forms becoming due after June 30, 2020 should continue to be submitted by their usual deadlines. Forms that are still subject to deadline extensions include credit union complaints return (CREDS 9 Annex 1R), Complaints Return (DISP Annex 1R), and Claims management companies complaints return (DISP 1 Annex 1AB). Subject to any significant change in the COVID-19 situation, FCA does not intend to offer reporting deadline flexibility after September 30, 2020.
In addition, FCA will continue not to apply the late fee for submissions from small and medium-size businesses in the period up to and including September 30, 2020. Firms are reminded that they should continue to submit all returns as soon as they are reasonably able to. Firms are also reminded of their obligation to notify FCA immediately if they become aware or have information reasonably suggesting that any of the following has occurred, may have occurred, or may occur in the foreseeable future:
- Firm failing to satisfy one or more of the threshold conditions
- Any matter that could have a significant adverse impact on the firm's reputation
- Any matter that could affect the firm's ability to continue to provide adequate services to its customers and which could result in serious detriment to a customer of the firm
- Any matter in respect of the firm that could result in serious financial consequences to the UK financial system or to other firms
Related Link: Notification
Keywords: Europe, UK, Banking, COVID-19, Reporting, SME, Deadline Extension, FCA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
EBA Proposes to Enhance Early Intervention Measures in BRRDRelated Articles
PRA Finalizes Supervisory Approach for Non-Systemic Banks in UK
PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.
EBA Finalizes Standards on Methods of Prudential Consolidation
EBA published a report that sets out the final draft regulatory technical standards specifying the conditions according to which consolidation shall be carried out in line with Article 18 of the Capital Requirements Regulation (CRR).
EBA Updates List of Other Systemically Important Institutions in EU
EBA updated the list of other systemically important institutions (O-SIIs) in EU.
BCBS Report Concludes Basel Risk Categories Can Capture Climate Risks
BCBS published two reports that discuss transmission channels of climate-related risks to the banking system and the measurement methodologies of climate-related financial risks.
UK Authorities Welcome FSB Review of their Remuneration Regime
UK Authorities (FCA and PRA) welcomed the findings of FSB peer review on the implementation of financial sector remuneration reforms in the UK.
PRA and FCA Letter on Addressing Risks from Use of Deposit Aggregators
PRA and FCA jointly issued a letter that highlights risks associated with the increasing volumes of deposits that are placed with banks and building societies via deposit aggregators and how to mitigate these risks.
MFSA to Amend Banking Act and Rules in Coming Months to Transpose CRD5
MFSA announced that amendments to the Banking Act, Subsidiary Legislation, and Banking Rules will be issued in the coming months, to transpose the Capital Requirements Directive (CRD5) into the national regulatory framework.
EC Delegated Regulation on Specialized Lending Exposures Under CRR
EC finalized the Delegated Regulation 2021/598 that supplements the Capital Requirements Regulation (CRR or 575/2013) and lays out the regulatory technical standards for assigning risk-weights to specialized lending exposures.
OSFI Proposes to Enhance Assurance Expectations for Basel Returns
OSFI launched a consultation to explore ways to enhance the OSFI assurance over capital, leverage, and liquidity returns for banks and insurers, given the increasing complexity arising from the evolving regulatory reporting framework due to IFRS 17 (Insurance Contracts) standard and Basel III reforms.
ECB Issues Results of Benchmarking Analysis of Recovery Plans of Banks
ECB published results of the benchmarking analysis of the recovery plan cycle for 2019.
