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
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
