FCA Coronavirus additional guidance - Free Downloadable Toolkit

Following their first publications of Temporary Guidance for firms between March and July 2020, the FCA followed up with their additional expectation of firms for mortgage, overdraft and consumer credit products in September.

The Additional Guidance follows up on several themes from earlier releases, including what to do once payment deferral periods come to an end, but the notable new material includes granular expectations around areas such as policy, quality assurance (QA) and vulnerable customers.

Coverage areas include:

  • Credit Rating Agency Reporting
  • Delivering effective forbearance
  • Reviewing customer arrangements
  • Customer engagement and communication
  • Refinancing and creating sustainable arrangements
  • Income and expenditure assessments
  • Supporting vulnerable customers
  • End to end quality assurance
  • Training, competence, and incentives
  • Governance and oversight
  • Repossessions
  • Debt help and guidance

FourthLine’s free downloadable toolkit includes the relevant guidance from the FCA’s papers for mortgages, consumer credit and overdrafts, along with our own key considerations for each point. We believe firms should be asking themselves these self-assessment questions as they implement new measures or validate existing compliance.

Download our new toolkit featuring September’s Additional Guidance Self-Assessment Toolkit here>

Download our Temporary Guidance Self-Assessment toolkit here>

For any queries relating to the toolkits or support in implementing or validating either the temporary or additional guidance, please schedule a free 30 minute consultation with Ross Molyneux here>

Note: The information contained within the Toolkits are of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

Topics: Featured, Client Assets (CASS), Risk Management, Investment Management, Insurance, Banking, SMCR

September 30, 2020
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Ross Molyneux
Written by Ross Molyneux

Ross leads our Risk Consulting proposition and specialises in risk management and regulation. He has worked extensively across non-financial and financial risk management engagements in his time in consulting in both the UK and New Zealand. After starting his early career in industry working across different financial services institutions, Ross moved into consulting in 2011 with Deloitte, primarily leading and performing financial risk engagements including capital adequacy, liquidity, credit risk, and recovery and resolution planning. Following time in Aviva’s Internal Audit function, Ross moved to help build EY’s North of the UK extended assurance practice, leading and performing a range of engagements across both financial and non-financial risk, including extensive engagement with large banks, asset managers and investment firms as they continued to face into the challenges of revisions to existing regulation and new requirements, such as the Senior Manager & Certification Regime (SMCR). In 2017 Ross made the decision to spend time overseas, joining KPMG New Zealand’s Auckland Consulting practice. Joining as an Associate Director, Ross was quickly promoted to Director and co-led the firm’s response to emerging conduct and culture challenges arising from the Australian Royal Commission (ARC) and new operational resilience requirements arising from the Reserve Bank of New Zealand’s (RBNZ) Outsourcing Policy. Working with a range of entities since being in New Zealand, Ross has led engagements ranging from internal audit co-source support to preparing entities for acquisition through ensuring they meet licensing conditions via uplifts of frameworks and policies. Choosing to return home in 2020, Ross is looking forward to supporting FourthLine’s clients as they face into current and future risk and regulatory challenges.