The Financial Conduct Authority (FCA) has published early its first Regulatory Initiatives Grid setting out an overview of its planned regulatory programme for the next 12 months. The Grid, from the Financial Services Regulatory Initiatives Forum, sets out the regulatory pipeline so the financial services industry and other stakeholders can understand – and plan for – the timing of the initiatives that may have a significant operational impact on them.
The Forum is made up of representatives of the Bank of England, Financial Conduct Authority, Prudential Regulation Authority, Payment Systems Regulator and the Competition and Markets Authority, with HM Treasury as an observer member.
The introduction of the Grid has been brought forward by the Financial Services Regulatory Initiatives Forum to help firms stretched by the impact of coronavirus (Covid-19).
Page 16 of the document is aimed specifically at regulatory initiatives in the insurance and reinsurance sector, although other cross-sectoral pages will have a bearing on firms from those sectors.
The FCA wants to ensure that the Grid is as useful as possible to firms. The regulator is asking firms to engage with the Grid and to let it know further how it can be developed by emailing [email protected].
BIBA welcomed the early launch of the Regulatory Initiatives Grid, which has come about as part of the Financial Services Future Regulatory Framework Review. BIBA will be monitoring the development of this document closely, to ensure that it has relevance to and is of help to its members.