FCA Offers Temporary Respite on Regulatory Reporting

On 22 April 2020, the FCA announced temporary extensions to submission deadlines for certain regulatory reports due between now and 30 June 2020. Click here for the full announcement.

Here are some of the highlights of the relief offered:

• A one-month delay for certain COREP reports (COREP001A & B, 002, 003 and 005), as well as the FSA019 (Pillar 2 Information) and the FSA055 (Systems and Controls Questionnaire).
• A two-month delay for the FIN-A (Annual Report and Accounts) and Complaints return (DISP Annex 1R).
• A waiver of the “administration fee” for any late filings (i.e. not just the ones with extended deadlines) made by smaller firms (defined as those paying less than £10,000 in fees and levies to the FCA during 2020/21). 

If the one-month extension coincides with a weekend, then the submission must be made by the end of the following business day.

The FCA wants firms to still submit the listed returns as soon as possible and is likely to still issue reminders when the original deadline has passed. 

For more information

For any questions on this alert, please speak to Martin Lovick, Ruth Avenell or your usual ACA consultant at +44 (0)20 7042 0500.
 

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