Coronavirus (Covid-19): delayed activities and regulatory change

In response to the coronavirus, we are reviewing our work plans to delay or postpone activity that is not critical to protecting consumers and market integrity in the short-term.

Delaying or postponing certain activities will allow firms to focus on supporting their customers during this difficult period. One of the immediate actions we are taking is to extend the closing date for responses to our open consultation papers and calls for input until 1 October 2020 and rescheduling most other planned work.

We have also scaled back our programme of routine business interactions, especially through meetings so that we only contact firms on business-critical requests and responses to the current situation.

We will continue with a small number of regulatory changes that support consumers, particularly the most vulnerable, or where major long-term programmes would be disrupted.

Delayed consultation papers and calls for input

We have decided to extend the closure dates for the following published consultation papers and calls for input until 1 October 2020.

Delayed consultation papers Date CP closes
CP19/32: Building operational resilience: Impact tolerances for important business services 1 October 2020
CP20/1: Introducing a Single Easy Access Rate for cash savings 1 October 2020
CP20/3: Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations 1 October 2020
CP20/5: Consultation paper on ETF Listing: Premium to Standard Listing 1 October 2020
Delayed calls for input Date CFI closes
Open Finance 1 October 2020
Accessing and using wholesale data 1 October 2020

Delays to publications and other activity

We have decided to delay the following publications due before end June. We will provide updates at an appropriate point.

Other delayed publications Publishing date
Joint PRA-FCA work with the Climate Financial Risk Forum (CFRF) to develop industry led guidance on how to integrate climate related risks into business decision making across the financial services sector Q3 2020
Vulnerability Guidance and Vulnerability Research 29 July 2020
Consultation Paper: Mortgage switching H2 2020
Consultation Paper: Our approach to market integrity and wholesale markets H2 2020
Consultation Paper: Aligning our guidance on selective disclosures with case law H2 2020
Consultation Paper: Joint principles and New Consumer Duty H2 2020
Consultation Paper: Effective competition in non-workplace pensions H2 2020
Consultation Paper: Claims Management Company fee rules project H2 2020
Consultation Paper: Mortgage switching 2021
Consultation Paper: Investment platforms exit fees remedy 2021
Consultation Paper: Removing the minimum repayment amount from the manual repayment screen of credit card, store card and catalogue credit customers TBC
Consultation Paper: Our approach to market integrity and wholesale markets TBC
GI Pricing Final report and Consultation Paper: Remedies TBC
Market Study: Credit information (interim report) 2021
Multi Firm Review: Key findings on the sale and advice of equity release H2 2020
Multi Firm Review: Wholesale Broker Remunerations H2 2020
Value Measures Pilot: General Insurance H2 2020
Directory of certified persons (due to be published on the Financial Services Register) H2 2020
FCA and Practitioner Panel Survey H2 2020
Options to change our regulatory framework following our Duty of Care Feedback Statement H2 2020
Consumer Credit Act (CCA) review TBC
Assessing Suitability Review 2 TBC

Delayed implementation of rules

Delayed rules Publishing date
Policy Statement: Motor Finance H2 2020
Policy Statement: Pension transfer advice: contingent charging and other proposed changes H2 2020
Policy Statement: Prohibiting the sale to retail clients of investment products that reference cryptoassets H2 2020
Policy Statement 19/21: Retirement Outcomes Review: feedback on CP19/5 and our final rules and guidance 1 February 2021
Policy Statement 19/29: Making transfers simpler – feedback to CP19/12 and final rules 1 February 2021
Policy Statement 18/20: Improving the quality of pension transfer advice (Pension Transfer Specialist qualifications only) 1 October 2021
Policy Statement: Introducing a Single Easy Access Rate for Cash Savings 2021
Policy Statement 20/03: Signposting to travel insurance for consumers with medical conditions TBC