The Financial Conduct Authority (FCA) has said it will extend the closing date for ongoing consultations and calls for input amid the coronavirus outbreak.
In a statement posted to its website today (17 March), the regulator said it would postpone activity it did not deem critical to protecting consumers and market integrity in the short-term, to give firms more time to focus on customers.
As a result, it said it would extend the closing date for responses to its open consultation papers and calls for input until 1 October 2020, and reschedule “most” other planned work.
Meanwhile, examples of delayed publications included: Joint Prudential Regulatory Authority FCA work to develop industry-led guidance on how to integrate climate-related risks into business decision making across the financial services sector and vulnerability guidance.
Jake Green, a regulatory partner at law firm Ashurst welcomed the FCA’s action: “This signifies a slight and sensible shift in approach. From calls having to be recorded, to an acceptance that sometimes this may not be possible – the inference being that the clients’ best interest trumps recorded lines.
“While the consultation paper delays are interesting, there’s an absence of discussion in relation to Brexit onshoring and ‘standstill’ – so the politics is still alive.”