The following Financial Services practice note provides comprehensive and up to date legal information covering:
The economic shock caused by the coronavirus (COVID-19) pandemic and the exceptional measures taken by governments around the world to contain the virus are having a far-reaching impact on businesses and consumers. Most businesses are facing disruption in supply chains, temporary closures and reduced demand, while many households are confronted with unemployment and a fall in income, resulting in many cases in difficulties with the repayment of loans.
To help address these challenges, UK and EU authorities and financial institutions have implemented a broad range of relief measures, such as temporary moratoria on credit payments, deferrals on the payment of insurance premiums, and special credit lines for small and medium-sized enterprises (SMEs). At the same time, providers of financial services, including intermediaries, have sustained the services which they provide to the public.
In order to mitigate the economic impact of the pandemic, UK, EU and international regulators and bodies, including the Financial Conduct Authority (FCA), the Bank of England (BoE), the Prudential Regulation Authority (PRA), the European Commission, the European Central Bank (ECB), the European Supervisory Authorities (ESAs)—the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA)—and the Basel Committee on Banking Supervision (BCBS) have taken steps to support regulated firms, their customers and the functioning and integrity of financial markets.
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