Eddie’s gone. Half the Chuckle brothers infected. Russ Abbot must be nervous.
The claim game
We have been working closely with Lloyd’s and LMA on some adaptations it could make to the various claims schemes to speed up the flow of funds to clients at this time of most need. We think these will make a significant difference. Full detail will be set out in a memo from Lloyd’s to Heads of Claims tomorrow (and we will add a copy here too).
There will be some separate news from Lloyd’s too on Delegated authority claims – again developed in conjunction with us and the Chair of our relevant committees.
LMAOC (but apparently it doesn’t stand for that)
James has been gorging himself again on a meeting of LMA’s Operations Committee. His notes attached which cover many of the issues you all will be grappling with. We are hosting the return leg at our Operations Committee on Monday. So the two away goals James grabbed during his update on what you are all up to will see us in good stead. Notes from the second leg next week.
At said LMAOC meeting James picked up the latest LIMOSS service level data (also attached) which shows market services continuing to hold up well. But do get in touch with James if you have any issues. And so long as you avoid a video encounter with him you will not need to suffer his garish shirts.
Shady transnational conspiracies
The Global Services Coalition has put out the attached press statement making the fundamental point that governments should not seek to use the current crisis to try and clamp down on international trade. It includes mention of insurance. We qualify to be part of this outfit in two ways – via our membership of CityUk and via BIPAR’s membership of European Services Forum (hosts of some of the most engaging Brussels based meetings I have ever been to).
Show us your Gartner
Fourth attachment is some Gartner slides we purloined from LMA about the areas that CFOs have been concentrating on Covidwise. More an opportunity for you to take cathartic comfort from the fact that you are doing much the same things as anything.
FCA in quite useful shock
This edition has come to you rather later in the day than normal because I had been intending composing it during this week’s chaotic conference call with FCA (whilst keeping a weather ear open to what they were saying). Now don’t get me wrong, 35 people on a crackly webex connection does not work. And much of it, given this morning’s announcements, was unsurprisingly focussed on consumer credit. But they did keep dropping in some useful stuff, such as:
- FCA cognisant that there will be justifiable circumstances where resources have to be redistributed and this may impact on some regulatory timelines and will be sympathetic with this.
- There will be more guidance published on treatment of SMCR and regulatory returns (which we raised with them) published in the next couple of days.
- FCA is constantly updating its website on corona stuff. They will now be posting on social media with a link to what has changed each Friday. So follow their LinkedIn account.
- The Regulatory Roundup newsletter is now going to come fortnightly and be predominantly corona focussed.
- FCA will show some flexibility on fees – the annual consultation Paper will be out next week. It will propose minimising any rise in fees – and freezing the minimum fee. Payment terms for SMEs will be extended from two months to 90 days and “staggered across the year”. This includes FSCS management costs and there was some hope floated that this spirit of “flexibility” would extend to the FSCS levy. We will pick up on the detail behind this when the CP comes out.
- FCA want to emphasise that, whilst staff may qualify as Key Workers, firms should still adhere to government guidance and as many people as possible should work from home.
- FCA is preparing some guidance on CASS in the current environment – so your concerns here should be answered in that.
All of which is quite helpful. I don’t think any of us saw that coming.
Back stronger tomorrow. I am off to practice smacking a saucepan with a wooden spoon.