UK financial watchdogs have launched the Grid, providing details of upcoming regulatory intiatives and necessary timetabling changes in light of the current health crisis.
Announced by Chancellor of the Exchequer Rishi Sunak in the March Budget, the release by the Financial Services Regulatory Initiatives Forum comes earlier than expected as regulator bodies bid to assist firms already stretched by Covid-19.
The Forum is comprised of the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority, the Payment Systems Regulator, the Competition and Markets Authority with HM Treasury as an observer member.
With firms trying to meet numerous large-scale regulatory changes on the near horizon, the Grid couldn’t come at a better time. Libor, Strong Customer Authentication, the Payments Landscape Review, the Cryptoasset Task Force’s response to stablecoins and the Fintech sector review are just a handful of projects which have had their original timings amended due to the pandemic.
The Grid is split into three discrete periods, addressing the near, medium and longer term milestones across a series of sectors including banking, consumer credit, payment services and systems and market infrastructures, investment management and more.
Christopher Woolard, FCA interim chief executive and forum co-chair commented: “At any time it’s important for regulators to do what they can to help firms plan, but it’s all the more vital in difficult times like these. That’s why we have brought forward the publication of the Grid for the first time.
“Financial services firms need to know what regulatory work is coming down the track, and this Grid will give them the opportunity and time to prepare. It also shows the need for further careful planning by the Forum members for the autumn.”
The Grid is a one-year pilot exercise and the Forum encourages industry and stakeholder feedback.