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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

FCA and FOS clarify CBILS-BBLS SME rules

06-05-2020

6 May 2020: the Financial Conduct Authority (FCA) and Financial Ombudsman Service (FOS) have provided additional clarity for banks and SMEs regarding the two government loan schemes available during the coronavirus crisis.

COVID-19 and Stress Testing

30-04-2020

Stress testing is an important tool that is used by regulators for an increasingly wider set of firms. This webinar will help you understand the latest rules and how they work with the latest accounting standard, IFRS 9.

COVID-19 and IFRS 9 expected credit losses for banks

15-04-2020

The subjective nature of IFRS 9 Financial Instruments means banks are facing difficult decisions when it comes to applying the standard in a world grappling with the health and economic impacts of coronavirus.

COVID-19 and financial services

11-03-2020

COVID-19 raises a range of financial services issues which firms and businesses will be managing through over the next weeks and months.

How are insurers handling COVID-19

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30-03-2020

Vincent Huck, editor of Insurance Asset Risk, looks at the technical challenges that the insurance market is facing in light of the COVID-19 pandemic.

David Smith: economics and pandemics

26-03-2020

The Sunday Times economics editor David Smith looks at the effect that pandemics have on economies and the challenge of coronavirus.

Guidance from regulators

Payment holidays in the age of Covid: Implications for loan valuations, market trust and financial stability

FSI 28-05-2020

Paper produced by the Financial Stability Institute (FSI) examining payment deferral programmes introduced by governments and banks around the world during the coronavirus pandemic. It gives an overview of measures in different jurisdictions, discusses the accounting treatment of payment holidays under IFRS 9, and considers the practical issues regarding the spectrum of affected borrowers between solvent, illiquid and insolvent.

ESMA updates its risk assessment in light of the COVID-19 pandemic

ESMA 02-04-2020

The European Securities and Markets Authority's (ESMA) updated risk dashboard shows large equity market corrections since mid-February 2020, with corporate bond, government bond markets and a number of investment funds also under stress. Market infrastructures have however continued to function normally despite significant surges in trading activity, the use of circuit breakers and increases in derivatives margins.

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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