From: RegTech Analyst
UK financial market stakeholders have joined forces in a new effort to help financial services firms prepare for upcoming regulatory work.
The initiative was led by the Financial Services Regulatory Initiatives Forum, which is comprised of the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), the Bank of England, Payment Systems Regulator and Competition and Markets Authority, with HM Treasury attending as an observer member.
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 the coronavirus.
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.
“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,” said Christopher Woolard, interim chief executive and forum co-chair. “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.”
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