FINANCIAL CONDUCT AUTHORITY (FCA)
The FCA website contains a coronavirus page, with links relevant to firms and consumers.
FCA Information for Firms on Coronavirus (COVID-19) Response
Among other things, the FCA provided firms with guidance concerning regulatory changes and impact on consumers related to specific products and activity, including insurance, mortgages, unsecured debt, and access to cash.
From an operational perspective, the FCA instructed regulated firms to have contingency plans to deal with major events and meet regulatory obligations, and included a link to a recent consultation paper published jointly by the FCA and Bank of England concerning operational resilience matters that firms should consider. The FCA also gave regulatory relief and/or guidance concerning, market trading and reporting, delayed Consultation Papers and Calls for Input, and delays to publications and other activity.
On March 20, 2020, the FCA published expectations for general insurance firms during coronavirus (Covid-19) pandemic, which included general instructions to treat customers fairly.
That same day, it also issued guidance for mortgage lenders on treating customers fairly.
It also issued a statement on key workers in financial services.
On March 25, 2020 HM Treasury, the FCA and the Bank of England published an open letter to UK banks on lending.
That same day the FCA published, jointly with the Bank of England, a short statement on LIBOR transition plans.
On March 26, 2020, the FCA, the Financial Reporting Council (the UK’s accounting and audit regulator) and the Bank of England issued a joint statement on supporting capital markets. They put in place temporary relief on financial reporting for listed companies, under which firms may delay announcing results for 6 months from year-end without risking a suspension of their listing. They also published an associated Q&A Document.
The same day, the FCA released a short statement on financial resilience for solo-regulated firms.
Coronavirus (COVID-19): Support for Consumers
Consumer guidance included information concerning retail insurance products, and general guidance intended to ensure that customers had access to cash, were treated fairly, and were aware that insurance providers must consider the needs of consumers potentially affected by the pandemic. The FCA further provided guidance for consumers to avoid scams and fraudulent schemes related to COVID- 19.