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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. 


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. 


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.

On 9th April the PRA issued  a letter to all Credit Unions on Covid-19. The letter contains a number of key points for Credit Unions to consider.


The PRA allows Credit Unions to apply to the PRA for a modification to change the provisioning rules. Under the modification the provisioning ratios would change from 35%/60%/80%/100% to 20%/40%/60%/100%.  The modification is available from today until 1 January 2021. The PRA state that Credit Unions should consider whether or not they should take this modification taking into account their credit risk and emphasises the overarching requirement to have an adequate provision remains. Care needs to be taken with using this modification as to whether the reduced levels still provide an adequate provision and it should be remembered that the modification only lasts until 1 January 2021. Amounts over the previous minimum may also need to remain and would advise speaking to your auditor before reducing these amounts.


For returns due on or before 31 May 2020 the PRA will accept delayed submission. They will grant a 2 month delay for accounts and annual returns and a 1 month delay for quarterly returns. They are still encouraging timely submission and ask that the extensions are only used where the Credit Union is experiencing particular challenges.

Capital and Liquidity

The Regulators emphasise the need to monitor liquidity and capital in the current situation and to notify the Regulator as soon as you drop below the capital requirements.

Further Information