On 3 April:
- PRA and FCA updated dual-regulated firms on how their should deal with furloughing and compliance with the SMCR;
- EBA published guidelines on the criteria for public and private moratoria applied before 30 June to help avoid classification of exposures as forbearance or defaulting;
- EIOPA urged all insurers and reinsurers to temporarily suspend all discretionary dividend distributions and share buy backs aimed at remunerating shareholders (already notified by PRA), and generally repeated its guidance to insurers that they should be ready to implement the necessary measures to ensure business continuity and that regulators should offer operational relief to insurers where possible. As a result, it has extended consultation deadlines on most open consultations into June and will delay planned data collection exercises;
- Treasury announced further action to bolster Government provision of business interruption loans. Among the newly announced measures are an extension of the current scheme so that more small businesses can benefit without having to prove they cannot get commercial loans, a new scheme to support larger firms not currently eligible (those with annual turnover between £45m and £500m), and a ban on lenders requesting personal guarantees for loan under £250,000;
- FCA updated its information page for firms to address pensions issues: it notes firms are facing challenges implementing the rule changes on information for consumers entering pension drawdown or taking an income for the first time and the annual information they get. It appreciates the 6 April deadline may be unachievable, but urges firms to comply as soon as possible, and tell it if they cannot do so before 31 May; and
- FCA created a new webpage for consumers addressing overdraft, personal loans and credit cards.