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

Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.

Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Related Articles
EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis
The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.
EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules
The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.
BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks
As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.
BCBS and EBA Publish Results of Basel III Monitoring Exercise
The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.
PRA Updates Timeline for Final Basel III Rules, Issues Other Updates
The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.
US Treasury Sets Out Principles for Net-Zero Financing
The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.
EC Launches Survey on G7 Principles on Generative AI
The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.
ISSB Sustainability Standards Expected to Become Global Baseline
The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.
IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance
Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.
BCBS Assesses NSFR and Large Exposures Rules in US
The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.