Many initiatives have been cancelled or delayed to help firms focus on the challenges posed by Covid 19.
The timetable, which can be found here, reflects the changes made to the regulatory calendar, for example the cancellation of the Bank of England’s 2020 annual stress test and the postponement of the mortgage switching consultation.
Many consultations have been extended to 1 October and reviews and new initiatives announced in the Budget have been delayed.
The mortgage switching consultation was announced on 10 March, after the FCA published research into the mortgage loyalty penalty that borrowers face for remaining with the same lender.
A consultation paper was due to be released in Q2 and a final statement and any rule changes were planned to follow by the end of the year. Both these events have now be delayed and no new date has been released.
The schedule gives financial services firms a heads up from regulators about their main objectives over the next twelve months and indication of future initiatives in 2022/23.
The Financial Services Regulatory Initiatives Forum is responsible for drawing up the timetable. The group is made up of the FCA, Bank of England, Prudential Regulation Authority, Payment Systems Regulator and the Competition and Markets Authority.
The Treasury will observe the work of the forum, while the Information Commissioner’s Office, the Pensions Regulator and Financial Reporting Council will be invited to attend and contribute when needed.
The purpose of the forum is to help regulators identify and manage peaks in demand for regulation and give firms operating in the sector a clearer idea of the major upcoming initiatives across the financial services authorities.
