Posted on: November 15, 2023
Financial Resilience Reporting
The Financial Conduct Authority is introducing a template, FIN073, to collect information on financial resilience. This template will replace the current means of gathering the information through resilience surveys. The first set of data will require to be submitted using FIN073 in January 2024 and thereafter on a quarterly basis.
FIN073 will be added into WIRES in time for the first submission.
Non-Performing Exposures
The Prudential Regulation Authority (PRA) published policy statement 14-23, in follow up to its earlier consultation paper 6-23. With effect from 14 November 2023, the deduction from Common Equity Tier 1 capital, of insufficient coverage of non-performing exposures, is no longer required. To reflect this change, the deduction item in COREP template CA 01.00 will be removed as part of PRA taxonomy 3.7.0. Prudential Backstop forms 35.1, 35.2 and 35.3 will be excluded in the same taxonomy. Once the latter has been finalised and published by the PRA, the necessary changes will be made in WIRES.
Cash Ratio Deposits
Firms that are currently required to place Cash Ratio Deposits at the Bank of England, will be affected by a change in this requirement. Instead of deposits, the Bank of England will raise a levy, the amount of which will be determined by the Bank. The introduction of an annual levy is currently expected to be effective from 1st March 2024.
REP023 – British Steel Pension Redress Scheme
The Financial Conduct Authority advised that the reporting frequency of REP023 has been changed from fortnightly to monthly. Firms that are required to submit REP023 will see the change in their RegData schedule.
WIRES Releases
| Planned Time of Release | Content |
| Late March 2024 | · Ability to exclude forms within an Adhoc return. This change will allow users to mimic standard returns and therefore the validation rules applicable.
· Other minor changes |
This regulatory update is Whistlebrook’s understanding of the position as at 15th November 2023.