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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

Plastic is the future for cash – one way or another

21-09-2020

22 September: Physical cash use is declining fast, leaving the fixed cost base for processing cash transactions at risk of stranding. As cards and digital forms of payment become more prevalent, what will happen to those who still need access to cash?

Covid-19 is the accelerator Open Banking needed

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21-09-2020

Writing for the Financial Services Faculty, Journalist Laura Miller looks at whether Open Banking could prosper during the pandemic.

How financial services can better support vulnerable customers

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18-09-2020

Writing for the Financial Services Faculty, journalist Nick Levine looks at how vulnerable customers are managed through consumer financial services.

How insurers will pay for COVID-19

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18-09-2020

Writing for the Financial Services Faculty, Vincent Huck looks at what coronavirus could cost the insurance industry.

Coronavirus and consumer credit ratings

17-09-2020

Around a quarter of UK adults claim to know their credit score, according to Experian polling. Here Experian Head of Consumer Affairs James Jones explains how the ratings agency creates a credit score, how is it calculated, and why it matters.

Will ETFs change after COVID-19

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17-09-2020

Writing for the Financial Services Faculty, journalist Carlos Torneros covers whether ETFs should change after the pandemic.

High Court backs FCA business insurance claim case

15-09-2020

16 September: Judges say insurers should cover SME business interruption insurance claims made during the pandemic, writes Financial Services Faculty commissioning editor Brian Cantwell.

ESG: accountants can play a vital role

11-09-2020

14 September: The skills accountants possess, specifically ensuring the integrity of data, analysing why things have changed and forecasting how they could change in the future, are all crucial to ESG investing.

Five things we learned about Nikhil Rathi

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13-08-2020

Commissioning editor Brian Cantwell covers five areas the new head of the FCA wants to focus on.

The strange circle of government debt

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12-08-2020

David Smith, Economics Editor of The Sunday Times, writes for the ICAEW Financial Services Faculty about how the government finances its own debt during the pandemic.

Changes for Business Interruption Insurance

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12-08-2020

Writing for the Financial Services Faculty, journalist David Michael considers the liabilities insurers had for coronavirus business interruption insurance and what the FCA court case could mean.

Fundraising? Don’t delay preparations

24-07-2020

24 July 2020: Holly Stiles is a Corporate Finance Partner at Grant Thornton Australia. She says companies planning to raise funds post-COVID should prepare well and do so quickly.

Action on recapitalising business after COVID-19

17-07-2020

20 July: Responding to far-reaching UK Recovery Corporation plans to recapitalise businesses post-COVID, ICAEW has raised a number of open questions to help inform and clarify policymakers’ decisions.

The promise of P2P lending

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16-07-2020

Laura Miller looks at whether recent examples of poor compliance and governance could undo public confidence in the peer-to-peer model.

Four frauds banks fear after the crisis

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16-07-2020

The financial schemes launched by the government to tackle the effects of coronavirus may have emboldened fraudsters.

Applying IFRS9 under COVID 19

08-07-2020

This hour long webinar looks at the accounting and financial reporting considerations for financial services firms under IFRS9 as a result of COVID-19.

Finance Bill 2020 – Report stage amendments

29-06-2020

29 June: The government has tabled a further series of amendments to the Finance Bill 2020 ahead of its report stage this week. ICAEW’s Tax Faculty provides a summary of the changes and urges further amendments to the clause modifying the statutory residence test in light of COVID-19.

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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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