Coronavirus: Regulators

There have been a number of recent announcements by both regulators since the Coronavirus outbreak. We include a summary of some of the main headlines and links to more information. 

PRA

Credit Unions were added to the list of businesses that the Government said could stay open. The PRA statement on 24 March stated that Credit Unions along with Banks and Building Societies should keep branches open where possible as they provide vital services.  More information can be found here.

We understand that the PRA will be contacting large Category 5 and Category 4 Credit Unions to find out what actions they are taking to deal with the current situation and the issues they are facing. 

FCA

The FCA have set up a page which summaries their information on Coronavirus which can be found by clicking here and provides a useful summary.

The FCA have also issued today proposals to provide relief to borrowers. The proposals will be of particular interest to Credit Unions who offer mortgages and those who do consumer credit loans. The proposals can be found here and follow earlier guidance issued to mortgage providers last month. It should be noted that the proposals have yet to be finalised.

Update 9 April: The FCA confirms measures which can be found by clicking here.

The Directory of certified and assessed persons has been delayed by at least a month due to the Covid-19 pandemic. In addition, when you next log into the Gabriel platform you will be taken through a short process to register for the FCA’s new data collection platform. 

Keep safe.