UK Finance, press release: UK Finance responds to FCA proposals on financial relief for customers impacted by Covid-19
Responding to the Financial Conduct Authority's (FCA) proposals for temporary financial relief measures to support customers impacted by Covid-19, Stephen Jones, Chief Executive of UK Finance, said:
“All lenders are ready to support their customers during this unprecedented situation, with many individual firms already helping with relief on overdrafts and other unsecured debts.
“We have been talking with the regulators about the need to change the rules to enable lenders to provide further help for their customers, where it is needed most. The proposed changes to the FCA’s rules should enable lenders to deliver further support to their customers and we will continue to work with the regulator as part of the industry’s commitment to get the country through these difficult times.
“Lenders want to ensure that customers are both helped with their current financial circumstances and able to manage their borrowing when the crisis has passed. It is critical that the FCA’s proposals do not disrupt the provision of credit to borrowers and takes account of the business models of all credit providers including those outside the mainstream market.
“Firms have been taking a record volume of calls due to Covid-19 while facing the same pressures on staffing as the rest of the country. Where possible we would therefore encourage customers to check their lender’s website first to see if it answers their question, and consider getting in touch via online chat, social media and online banking and mobile apps.”
PLSA, press release: PLSA comments on TPR Covid-19 guidance and Government withdrawal of General Levy Increase
The Pensions and Lifetime Savings Association (PLSA) comments on the latest TPR Covid-19 guidance for DB schemes and the Government’s withdrawal of the increase to the General Levy on Occupational and Personal Pension Schemes.
Nigel Peaple, Director of Policy & Research, PLSA said: “The Pensions Regulator is right to say the current regime is sufficiently flexible to enable a short term easement of deficit recovery payments. At this very difficult time, it is reasonable for trustees, after undertaking the due diligence and scrutiny specified in the Regulator’s guidance, to consider allowing the use of these flexibilities in the case of sponsoring employers that clearly cannot afford to pay them.
“We wholly agree with the Regulator that it is important that trustees do all they can to protect scheme members from the risk of being scammed after taking a DB transfer. It is very welcome that the Regulator has made it clear that if schemes need to suspend transfer valuations or payments to protect savers from scams, it will not take action against the scheme for the resulting breach of regulations.”
“We are very pleased that the Government has decided to not go ahead with a 10% increase in the levy in light of the hugely challenging economic situation. As we said in our response to Government on this issue last autumn, it is much better to do a review of the levy structure before introducing any increases. We believe any such review will be better informed if it is delayed until after the current crisis has passed.”
PIMFA, press release: PIMFA welcomes FCA regulatory forbearance in wake of Coronavirus outbreak
PIMFA, the trade association for the wealth management and financial advice industry, welcomes the action taken last night by the Financial Conduct Authority (FCA) in respect of wealth management and financial advice firms.
As their members already know, PIMFA flagged issues off-record with FCA very early and then wrote to the FCA and HM Treasury (HMT) ten days ago outlining the concerns and potential impact of coronavirus on member firms and their clients after consultation with the membership.
Since then PIMFA has held meetings with the FCA providing feedback from member firms on the compliance and operational issues many are facing in the current climate.
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TISA, press release: TISA comments on joint statement from The Pensions Regulator, FCA and MaPS
In response to today’s joint statement from The Pensions Regulator, FCA and MaPS, Charles McCready, Strategic Policy Director at TISA, commented:
“TISA is extremely supportive of the actions that Money and Pensions Service, the Financial Conduct Authority and The Pensions Regulator are collectively taking to urge savers not to rush into making any decisions about their pensions in response to the COVID-19 pandemic. This guidance is urgently needed at this critical time.
“We are seeking to support these actions by working with member firms on enhancing customer communications that can be used to help people make better, more informed decisions. This is a critical time in helping non-advised customers who need support now more than ever."
“TISA also advocates the Department for Work and Pensions and Government playing a role in calming employees that are in Auto Enrolment schemes and re-enforcing their long-term benefits. They have succeeded in encouraging over 10.3 million people to participate in these schemes, however, for the majority this is the first time they are exposed to such market falls and reassurance is necessary.”
NFDA, press release: NFDA asks FCA to waive annual fees for motor retailers
“During these challenging times, we urge the FCA to consider waiving its fees or at least implement a one-year deferral for motor retailers”, said Sue Robinson, Director of the National Franchised Dealers Association (NFDA) which represents franchised car and commercial vehicle retailers in the UK.
The Coronavirus outbreak is having a significant impact on the motor retail sector. Showrooms have now closed their doors for sales enquiries and/or deliveries, and, whilst repair centres may remain open to cater for essential key workers, the demand for essential service and repair services for other customers has declined as motorists make fewer journeys.
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If you have any questions about this round-up email then please contact Georgina-Rose.Mortimer@fca.org.uk
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