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
CP20/4: Quarterly Consultation No 27 1 October 2020
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
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 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 Q2 2020
Motor Finance Policy Statement Q2 2020
Consultation Paper on mortgage switching Q2 2020
Vulnerability Guidance and Vulnerability Research Q2 2020
Options to change our regulatory framework following our Duty of Care Feedback Statement Q3 2020
Consumer Credit Act (CCA) review TBC
Credit Information Market Study – Interim Report Q2 2020
GI Pricing Final report and Consultation Paper on remedies TBC
Consultation Paper: Our approach to market integrity and wholesale markets Q2 2020
Consultation Paper: Investment Platforms exit fees remedy Q2 2020
Consultation Paper: Claims Management Company fee rules project Q3 2020
Consultation Paper: Aligning our guidance on selective disclosures with case law Q2 2020
Consultation Paper: Removing the minimum repayment amount from the manual repayment screen of credit card, store card and catalogue credit customers Q2 2020
Consultation and Discussion Papers: Value for money Q2 2020
CBEST Thematic Assessment Review Q2 2020
Multi Firm Review: Key findings on the sale and advice of equity release Q2 2020
Multi Firm Review: Wholesale Broker Remunerations Q2 2020
Value Measures Pilot: General Insurance Q2 2020
Feedback Statement: Intergenerational Differences Q2 2020
Policy Statement: Pension transfer advice: contingent charging and other proposed changes Q2 2020
Directory of certified persons (due to be published on the Financial Services Register) Q2 2020
Assessing Suitability Review 2 TBC
Policy Statement: Prohibiting the sale to retail clients of investment products that reference cryptoassets Q2 2020

Delayed implementation of rules

Delayed rules Date
PS 20/03: Signposting to travel insurance for consumers with medical conditions TBC
PS 18/20: Improving the quality of pension transfer advice (Pension Transfer Specialist qualifications only) 1 October 2021
PS 19/21: Retirement Outcomes Review: feedback on CP19/5 and our final rules and guidance 1 February 2021
PS 19/29: Making transfers simpler – feedback to CP19/12 and final rules 1 February 2021