British regulators launch 'the grid' to map out future rule changes

Jenna Brown
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British regulators launch 'the grid' to map out future rule changes

The Financial Services Regulatory Initiatives Forum, made up of the UK's top regulators, has launched an initiative to share forthcoming plans with the wider industry in an accessible format.

The Regulatory Initiatives Grid, first announced by UK chancellor Rishi Sunak in the March Budget, seeks to map out planned regulatory work with timeframes and key dates.

The launch of the grid was brought forward by the forum to help firms stretched by the impact of coronavirus.

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."

The forum is made up of the Bank of England, Prudential Regulation Authority, Financial Conduct Authority (FCA), Payment Systems Regulator and Competition and Markets Authority, with HM Treasury attending as an observer member.

The FCA explained grid lays out the planned timetable for major initiatives - including the transition from LIBOR and the introduction of financial services legislation to prepare for the end of the EU withdrawal transition period.

It added cancelled or delayed initiatives have also been highlighted, these include the Bank of England's 2020 annual stress test and a number of consultations. 

FCA interim chief executive and forum co-chair Christopher Woolard 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."

Deputy governor for prudential regulation, CEO of the Prudential Regulation Authority and forum co-chair, Sam Woods, added: "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 grid will run as an initial 12-month pilot and will be published at least twice a year, the FCA said.

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