The Financial Services Regulatory Initiatives Forum launches Grid to help financial firms’ planning
The Financial Services Regulatory Initiatives Forum has today launched a new initiative to help financial firms prepare for upcoming regulatory work - the Regulatory Initiatives Grid.
The introduction of the Grid – announced by Chancellor of the Exchequer Rishi Sunak in March’s Budget – has been brought forward by the Forum to help firms stretched by the impact of coronavirus (Covid-19).
The Forum is comprised of the Bank of England, Prudential Regulation Authority, Financial Conduct Authority, Payment Systems Regulator and Competition and Markets Authority, with HM Treasury attending as an observer member.
The Grid lays out the planned timetable for major initiatives - including the transition from LIBOR and the introduction of financial services legislation to prepare for the end of the EU withdrawal transition period.
Today’s launch also highlights initiatives that have been cancelled or delayed to ease the burden on financial services firms during the crisis – including the Bank of England’s 2020 annual stress test and a number of consultations.
Further information about the Regulatory Initiatiaves Grid is available here (note - link takes you to the FCA).
The Regulatory Initiatives Grid can be found here.