Financial services regulation updates

The IAIS, the Financial Stability Board (FSB) and other standard-setting bodies have been working together to assess the impact of COVID-19 on the global insurance sector

The FCA has updated its COVID-19 guidance for firms, highlighting the increased information security threat presented by the current circumstances

On 7 May 2020, the FCA updated its statement on how firms should handle complaints during the COVID-19 pandemic

Nausicaa Delfas, FCA Executive Director of International, delivered a speech focusing on the FCA’s response to coronavirus and Brexit

In its statement ESMA highlights the fact that heightened uncertainty has led to high market volatility and an increase in market, credit and liquidity risks

The paper identifies challenges, good practices and policy responses to new COVID-19 money laundering and terrorist financing risks

The Financial Action Task Force (FATF) has agreed to temporarily postpone all remaining FATF mutual evaluations and follow-up deadlines, in light of practical difficulties caused by COVID-19

In particular, we summarise Gabriel Bernardino’s view on EIOPA’s expectations of the industry and how he thinks the industry will change as a result of the crisis

The announcement is a result of concerns around the lack of clarity for some customers making business interruption claims and the basis on which some firms are making decisions in relation to claims

The FCA has published a Dear CEO Letter setting out its expectation that financial firms ensure fair treatment of corporate customers preparing to raise equity finance

The FCA is allowing flexibility in relation to the submission deadlines for certain regulatory returns by allowing a one or two month delay

In a document published on 15 April, the UK’s data protection regulator, the ICO, provided useful guidance on how it intends to approach its role during this challenging time