COVID-19: UK Regulators Adopt Regulatory and Operational Relief Measures To Support Financial Services Firms
March 23, 2020
The Bank of England (the “Bank”), the Prudential Regulation Authority (the “PRA”) and the Financial Conduct Authority (the “FCA”) have announced a number of policies to mitigate the challenges faced by the UK financial services sector as a result of the coronavirus (“COVID-19”) outbreak and to clear the ground for firms to focus on leading the economic fight against the crisis.
This memorandum provides an overview of the policies adopted to date. We anticipate further measures and plan to update this memorandum as the situation evolves.
disruption caused including significant numbers of the staff of institutions across the industry having to work from home whilst dealingupheaval in their personal lives.The adopted measures, which cover a range of policy areas such as regulatory capital, bank stress tests, IFRS 9, responding to distressed consumers and market trading and reporting, are aimed at allowing firms to prioritise:
- operations and providing economic support;
- market abuse risk management.
Please click here to read the full alert memorandum.