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FCA – launch of the Regulatory Initiatives Grid

FCA announcement – launch of the Regulatory Initiatives Grid

Background

The Financial Services Regulatory Initiatives Forum has today launched a new initiative to help financial firms prepare for upcoming regulatory work – the Regulatory Initiatives Grid.

The Forum comprises the Bank of England, Prudential Regulation Authority, Financial Conduct Authority, Payment Systems Regulator and Competition and Markets Authority, with HM Treasury attending as an observer member.

The weblink to the Grid is https://www.fca.org.uk/publication/corporate/regulatory-intitiatives-grid.pdf

Impacts

The introduction of the Grid – announced by Chancellor of the Exchequer Rishi Sunak in March’s Budget – has been brought forward by the Forum to help firms stretched by the impact of coronavirus (Covid-19).

The Grid lays out the planned timetable for major initiatives – including the transition from LIBOR and the introduction of financial services legislation to prepare for the end of the EU withdrawal transition period.

Today’s launch also highlights initiatives that have been cancelled or delayed to ease the burden on financial services firms during the crisis – including the Bank of England’s 2020 annual stress test and a number of consultations. 

The Grid will run as an initial 12-month pilot and will be published at least twice a year.

Timeline with relevant dates to be logged on regulatory calendar

  • Launch of Regulatory Initiatives Grid took place on 7 May 2020

Next steps

None noted – information published by FCA and others to promote the launch.

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