Rob Smith, Banking Partner KPMG UK, comments on Extraordinary efforts made to ensure banks can manage COVID-19.
KPMG responds to the Bank of England supervisory and prudential policy measures to address the challenges of COVID-19.
Rob Smith, Banking Partner KPMG UK says: “The Bank of England’s extraordinary announcement today to postpone several key pieces of regulation is an extremely welcome one. With the COVID-19 situation changing hourly this provides some much sought after clarity and will alleviate a lot of the pressures on banks in order to focus on the corona crisis. It’s not only banks that are under pressure, the regulators are too, since the start of the month we’ve counted over 200 COVID-19 related communications from UK and European regulators. This is an extraordinary economic and social situation, all corporate, government and regulatory efforts are focused on getting us through it as safely as possible.”
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