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Financial Regulatory Initiatives Forum launches ‘Grid’ for financial services firms amidst COVID-19

To ease the burden on the financial services companies amidst the coronavirus crisis, the Financial Services Regulatory Initiatives Forum has launched the Regulatory Initiatives Grid. The Grid, introduced by the Chancellor of the Exchequer Rishi Sunak in March’s Budget, aims to assist financial firms in preparing for the upcoming regulatory change. The press statement released by FCA said that the Grid comprises timetable for initiatives such as LIBOR transition as well as the introduction of financial services legislation for the end of the EU withdrawal transition period.

Christopher Woolard, FCA Interim Chief Executive and Forum Co-Chair said, “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. 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.”

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

Sam Woods, Deputy Governor for Prudential Regulation, CEO of the Prudential Regulation Authority and Forum Co-Chair said, “A Grid pulling together the Forum members’ work programmes is a new resource for us and industry, and we would welcome feedback on this first version. I hope the Grid will prove to be of real value in the immediate future as we navigate Covid-19, and as it evolves over time.”

The institutions have stated that the Grid will be operating as an initial 12-month pilot and will be published at least twice a year.

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