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Coronavirus and financial services

Guidance and insights from ICAEW, regulators and other resources on how the financial services sector is responding to the coronavirus COVID-19 pandemic.

ICAEW insights

Will the pandemic affect the levels that insurers will cover

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18-06-2021

We explore the industry debate on if, and how to provide widespread insurance coverage for future pandemics, and how feasible this might be.

Charities: bespoke needs, bespoke banking

25-05-2021

ICAEW member and CAF Bank CEO, Alison Taylor, has many years’ experience in corporate banking leadership roles, but says the sweet spot for her is where charity connects with the private and public sectors.

ICAEW technical round-up: May 2021

25-05-2021

This month’s top technical stories on ICAEW Insights include new guidance on mini-umbrella companies, information on repaying Bounce Back Loans and new powers to ban directors who dissolve companies to avoid repaying government support.

AI and the future of financial services

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24-05-2021

Lucy Ingham considers the effect of artificial intelligence on the world of financial services.

How has health insurance been affected by the pandemic

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24-05-2021

Laura Miller investigates whether insurers have changed their health insurance policies and coverage as a result of the pandemic.

Bounce Back Loans: getting ready to repay

06-05-2021

Businesses are being contacted by their banks about repayment of Bounce Back Loans. If repayments are not affordable, businesses should consider their options and take action.

Business rescue: navigating Belgium’s bankruptcy bubble

30-04-2021

Like many nations, Belgium has kept businesses going during the COVID-19 pandemic through various support measures. While that support has been essential, it’s also keeping struggling businesses artificially alive.

Government support and the day of reckoning for small businesses

26-04-2021

Small businesses that have accepted government support in the form of CBILS and Bounce Back Loans may find themselves at a crossroads as they seek a way through distress into recovery. We speak to Rebecca Dacre, Partner at Mazars, and a licensed insolvency practitioner.

Fintech revolution: who stands to benefit?

26-04-2021

ICAEW has cautiously welcomed the government’s support for the UK’s burgeoning fintech sector as a driver of post-pandemic economic recovery but warned that developing the sector without addressing social and financial inclusion issues would be a missed opportunity.

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Guidance from regulators

FCA information for firms on coronavirus (Covid-19) response

FCA 31-03-2020

Regularly updated page collecting the latest news and information for financial services firms from the FCA, with links to specific guidance. The page covers the FCA's expectations of payment and retail banking firms; SM&CR responsibilities; regulatory change; impact on consumers; insurance products; mortgages; unsecured debt products; access to cash; operational resilience; market trading and reporting; delayed consultation papers and calls for input; delays to publications and other activity.

Business loans to which the Coronavirus Business Interruption Loan Scheme applies

FCA 20-03-2020

Guidance from the FCA for firms participating in the government's Coronavirus Business Interruption Loan Scheme on assessing the affordability of loans, stating that lenders may take into account appropriate evidence (including historic trading figures as well as future forecasts) and that lenders should consider deferring repayments if forecast income does not materialise.

Insurance and coronavirus (Covid-19): our expectations of firms

FCA 31-03-2020

Guidance from the FCA for insurance firms highlighting specific issues regarding operational resilience and business continuity, travel insurance, motor and home insurance, guidance on MOTs, private medical insurance, product suspension, renewals, mid-term adjustments, and expectations of brokers. It reminds insurers to consider very carefully the needs of their customers and show flexibility in their treatment of them.

Mortgages and coronavirus: our guidance for firms

FCA 25-03-2020

Guidance from the FCA for mortgage lenders, mortgage administrators, home purchase providers and home purchase administrators. The advice focuses on payment holidays and repossessions, stating that lenders should grant customers experiencing difficulties a payment holiday for an initial three-month period and ensure that there is no additional fee or charge (other than additional interest) as a result of the payment holiday.

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