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[1].
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.
FCA Interim Chief Executive and Forum Co-Chair Christopher Woolard said:
'At any time it’s important for regulators to do what they can to help firms plan, but it’s all the more vital in difficult times like these. That’s why we have brought forward the publication of the Grid for the first time.
'Financial services firms need to know what regulatory work is coming down the track, and this Grid will give them the opportunity and time to prepare. It also shows the need for further careful planning by the Forum members for the autumn.'
Deputy Governor for Prudential Regulation, CEO of the Prudential Regulation Authority and Forum Co-Chair, Sam Woods, said:
'A Grid pulling together the Forum members’ work programmes is a new resource for us and industry, and we would welcome feedback on this first version.
'I hope the Grid will prove to be of real value in the immediate future as we navigate Covid-19, and as it evolves over time.'
The Grid will run as an initial 12-month pilot and will be published at least twice a year.
Notes to Editors
1. Link to information on the Regulatory Initiatives Grid[2].
2. The Regulatory Initiatives Grid can be found here[1].
3. Find out more information about the FCA[3].