24 September 2020: We note the recent statement made by UK Government and Devolved Administrations on Covid-19 on Tuesday 22 September 2020. Firms should continue to follow Government advice on working from home until notified otherwise.
The financial services industry has continued to operate during the coronavirus outbreak with homeworking and some workers operating in locations such as branches and call centres.
We have previously published advice on the steps financial firms should take ‘Statement by the PRA on key financial workers who are critical to the Covid-19 response’ – this has been updated today to reflect recent developments.
22 September 2020: Jointly with the Bank of England, we published Consultation Paper 13/20 ‘UK withdrawal from the EU: Changes before the end of the transition period’. Responses are requested by Tuesday 17 November 2020.
We have also published a report on the Bank’s and PRA’s use of sub-delegated powers under the EU (Withdrawal) Act 2018. HM Treasury laid this report in Parliament on 17 September. The Bank and PRA must submit this report to Parliament annually if they exercise the relevant sub-delegated powers. This covers the financial year ending 29 February 2020.
18 September 2020: Jointly with the Bank of England, Financial Conduct Authority, Competition & Markets Authority, Payment Systems Regulator, Information Commissioner’s Office, Pensions Regulator, and HM Treasury (as observer member), we published an updated version of the Regulatory Initiatives Forum’s grid – a consolidated plan of initiatives that the authorities consider will, or may, have significant operational impact on firms across the next 24 months. The updated grid also includes upcoming initiatives by the Pensions Regulator and the Information Commissioner’s Office, which have both joined the Forum. The first edition of this grid was published on 7 May 2020.
2 September 2020: We published a letter to all PRA-regulated firms ‘Letter from Sam Woods ‘Temporary Permissions Regime – Operational readiness’, alongside this we also published the ‘Operational readiness for the Temporary Permissions Regime’ webpage which summarises the PRA’s approach to the TPR and highlights the key requirements for firms.
31 July 2020: We published CP12/20 ‘Capital Requirements Directive V (CRD V)’ . This CP is relevant to banks, building societies, and PRA-designated investment firms. Responses are requested by Wednesday 30 September 2020.
