Coronavirus (COVID-19)

This Overview is a guide to the Financial Services content on the coronavirus (COVID-19) pandemic, with links to appropriate materials.

In response to coronavirus, UK and EU regulators (among other, the Financial Conduct Authority (FCA), the Bank of England (BoE) and the European Supervisory Authorities (ESAs)) have taken steps to support regulated firms, their customers, financial stability and the functioning and integrity of financial markets. Regulatory, supervisory and prudential measures and guidance are evolving and have focused on key areas, including:

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business contingency planning and operational risk management
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financial support for businesses and households
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financial services ‘key workers’ (whose children can remain in school)
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global fiscal and health response
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market disclosures
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financial reporting
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relaxed prudential requirements,

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Latest Financial Services News

FCA calls for faster bereavement claim processing by life insurers

The Financial Conduct Authority (FCA) has conducted a multi-firm review of life insurers' handling of bereavement claims and the review revealed evidence of good practices, such as firms providing additional support for claimants during their difficult time. However, the FCA also acknowledged that firms can face challenges in obtaining the necessary evidence to assess a claim and has called for firms to improve their handling times for bereavement claims for delivery of positive customer outcomes, in line with the Consumer Duty introduced in July 2023.

FCA updates whistleblowing data for Q3 2024

The Financial Conduct Authority (FCA) has published whistleblowing quarterly data for Q3 2024 and revealed that it has received 322 new whistleblowing reports between July and September 2024, which is an increase from the reports received in the same quarter of 2023, and 253 reports in Q2 2024.

FCA publishes guidance for firms that enables a risk-based approach to payments

The Financial Conduct Authority (FCA) has published final guidance explaining how it expects Payment Service Providers (PSPs) to apply changes introduced by the Payment Services (Amendment) Regulations 2024 which came into force in October 2024. The FCA has also updated its Approach Document which sets out the final guidance.

Financial Services—other developments (22/11/2024)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

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