Joint statement by the FCA, FRC and PRA

The Financial Conduct Authority, Financial Reporting Council and Prudential Regulation Authority released a joint statement to address Covid-19
Published on 26 March 2020

The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have today announced a series of actions and issued a series of statements that are intended together to:

(a) ensure that information continues to flow to investors (and thereby supports the continued functioning of the UK’s capital markets);

(b) help companies preparing and auditors auditing financial statements in the current uncertain climate; and 

(c) help market participants and lenders to respond appropriately to what is likely to be the new normal in terms of audit report modifications and loan covenant breaches.   

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