The PRA has issued a statement regarding its approach to regulatory reporting and Pillar 3 disclosures in response to COVID-19 for UK banks, building societies, designated investments and credit unions.
The PRA will accept delayed submission for regulatory reporting where the original remittance deadlines fall on or before 31st May 2020. The list of reports that can be delayed for a month are as follows:
For most firms the above reports would have an original remittance date of 12th May 2020. Applying the extension will now mean submissions can be accepted on or before the 12th June 2020.
There will be a two-month delay for Annual reports and accounts.
Please note the following reports will not be delayed:
In PS17/19 the PRA introduced a revised Branch return for H1 2020. To ease the burden on firms the PRA strongly encourages firms to submit the branch data for H1 2020 using the old version instead of the new version. If you choose to use the new template, please contact your supervisor.
The PRA will be flexible in its expectations for firm’s publication timeline for Pillar 3 disclosures. For firms who usually expect to disclose on or before 31st May 2020, the PRA will take a flexible approach to assessing the reasonableness of any delay. Where firms anticipate a delay they must inform their supervisor.
Vermeg understand the pressure firms are currently under and are committed to supporting with deadlines and the current changes outlined above. We encourage firms to contact your dedicated account managers for tailored support to help implement the ongoing changes.