On 2 April, the main regulatory initiative was FCA’s emergency consultation on consumer protection measures in the regulated lending markets. Also:
- PRA and Treasury confirmed the delay of Basel 3.1 by one year, as decided by the Group of Central Bank Governors and Heads of Supervision;
- PRA outlined its approach to regulatory reporting and Pillar 3 disclosures, following EBA’s statement. PRA will accept delayed submission, of up to one or two months after the due date, for specific aspects of harmonised regulatory reporting where the original remittance dates are on or before 31 May 2020. It lists the relevant reports, and will reconsider its guidance on reports due after 31 May in due course. But the remittance dates for information on the liquidity coverage ratio and the Additional Liquidity Monitoring Metrics and information on institutions’ liability structure, including intra-group financial connections that is required as part of reporting for resolution planning purposes. PRA will also be flexible in its expectations of firms’ publication timeline for Pillar 3 disclosures;
- the FSB has updated on its work, which includes regular information sharing and assessment of financial risks and vulnerabilities, and has reprioritised its work programme to maximise the value of its work;
- Pay.UK has confirmed it continues to take measures and test its business continuity plans to be able to continue to deliver critical services; and
- Lloyds has shared links to updates issued by global regulators