FIN.

FCA: List of delayed workstreams (UPDATED 7 April)

We’ve scoured the FCA website to bring you a list of the workstreams that have been delayed.  Through delaying these workstreams, the FCA can focus on the evolving pressures Covid-19 is putting on firms and consumers.

We will update this post regularly when further information is published but so far, we can confirm that the following workstreams have been delayed:

Delayed rule implementation

  • PS 20/3: Signposting to travel insurance for consumers with medical conditions (now TBC)
  • PS18/20: Improving the quality of pension transfer advice (Pension Transfer Specialist Qualifiations) (1 October 2021)
  • PS19/21: Retirement Outcomes Review (1 February 2021)
  • PS19/29: Making Transfers Simpler (1 February 2021)

Delayed Consultations (responses now due by 1 October 2020)

  • CP20/1: Introducing a SEAR for cash savings
  • CP19/32: Building operational resilience), the PRA has also delayed its consultation
  • CP20/04: Quarterly Consultation No 27
  • CP20/03: Propoals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations
  • CP20/05: Consultation paper on ETF Listing: Premium to Standard Listing

Delayed Calls for Input (responses now due by 1 October 2020)

  • Open Finance
  • Accessing and using wholesale data

Other Delayed Publications: unless otherwise stated, there is now no set date for these publications, most of which were originally due during Q1 2020

  • GC19/3: Guidance for firms on the fair treatment of vulnerable customers (response was due H1 2020)
  • Publication of the Climate Financial Risk Forum guide (was due to be published in early 2020)
  • MS18/1: General insurance pricing practices market study (final market study report and potential consultation paper were due in June 2020)
  • CP19/1: Credit Information market study (preliminary conclusions were due in Spring 2020)
  • CP19/28: Motor finance discretionary commission models and consumer credit commission disclosure (policy statement was due Q2 2020)
  • FS19/2: further paper on a duty of care and potential alternative approaches
  • the 2020 stress tests will not take place
  •  the joint BoE/FCA survey into open ended funds, non-critical data requests, on-site visits and deadlines, including s166 reviews are all postponed
  • the planned changes to IRB models will now take effect from 1 January 2022
  • the report on lessons learnt from the interest rate hedging products review, due in September, will not be ready until early 2021
  • Consumer Credit Act review (follow up to report on retained provisions;
  • CP on FCA’s approach to market integrity and wholesale markets
  • CP on investment platforms exit fees remedy
  • CP onCMC fees rules project
  • CP on aligning FCA guidance on selective disclosures with case law
  • CP on removing the minimum repayment limit from the manual repayment screen of credit card, store card and catalogue credit customers
  • Consultation and Discussion papers on value for money
  • CBEST thematic assessment review
  • Multi firm reviews on key findings on the sale and advice of equity release and wholesale broker remunerations
  • GI value measures pilot
  • feedback on intergenerational differences
  • PS on pension transfer advice: contingent charging and other changes
  • DP on prudential requirements for MiFID investment firms
  • Publication of the Directory
  • Assessing suitability review 2

 

Emma Radmore