Regulator Covid-19 Update 8 April

On 8 April:

• PRA welcomed the decision by some insurance companies to pause dividends. The decisions followed PRA’s letter of 31 March;
• PRA’s credit union supervision team wrote to firms explaining PRA’s supervisory focus and priorities and making them aware of a rule modification on minimum provisioning requirements available until 1 January 2021 and also reminded unions that it will accept delayed submission of regulatory reports;
• FCA welcomed the decision by the Basel Committee and IOSCO of a one-year deferral of the remaining global initial margin requirements for non-centrally cleared derivatives; and
• the PSR updated on its plans to ensure customers could still have access to cash, explaining how banks are trying to keep branches open, and the options the Post Office offers. It reassured customers that there is no shortage of cash.