Regulators update on Covid reporting

FCA has updated its guidance on submitting regulatory returns during the pandemic. Firms can now have a 2 month extension to the deadline for submitting their annual report and accounts for submissions due up to 31 July. FCA notes that the flexibility is only intended to cover situations where Covid has made it impractical to finalise audited statements and says firms should submit the return on time if they can.

PRA has announced a similar extension for banks and designated investment firms, and says it would accept a similar delay from building societies, but that these firms would need to consider other relevant statutory requirements. It also adds that it will be flexible in respect of other deadlines that fall before the end of March.

Emma Radmore