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.
Related Links
Keywords: Europe, UK, Banking, COVID-19, Reporting, COREP, FINREP, High Cost Short Term Credit, Credit Risk, FCA Handbook, Guideline, 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.
Related Articles
EC to Defer Application of SFDR Standards Till July 2022
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
EBA Seeks Views on Proportionality Assessment Methodology
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
US Agencies Propose Changes to Call Reports and Instructions
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
EBA Examines Asset Encumbrance in Banking Sector
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
EBA Publishes Methodological Guide to Mystery Shopping
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
APRA Issues Update on Capital Reform Policy Settings for Banks
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
CPMI-IOSCO Assess Continuity Planning of Market Infrastructures
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
ESMA Responds to Proposal Related to Sustainability Standards Board
The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.
