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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

Further extension to the furlough scheme


17 December 2020: In a surprise move, the Chancellor has announced that the Coronavirus Job Retention Scheme is to be further extended until 30 April 2021.

Who survives the lockdown economy?

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The promise of a vaccine has meant a prospect of recovery, but the financial and economic troubles now run deeper due to the second lockdown, national tier system, and financial uncertainty from no-deal Brexit. Laura Miller asks which types of businesses survive in these circumstances and why.

Social justice movements reach the boardroom in 2020

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Writing for the Financial Services Faculty, Carlos Tornero assesses whether the social justice movements of 2020 have changed decision-making in corporate boardrooms.

Insurance Committee Chair reviews 2020

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Chairman of the ICAEW Insurance Committee Hitesh Patel reviews the challenges for the industry this year and next.

Practically speaking: bonds go for green


A new framework for green bonds is part of a wider movement on sustainability reporting, as customers increasingly ask questions about supply chain and green credentials

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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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