The grid provides a roadmap of future regulatory reviews and changes to allow firms to plan better.
The Grid was announced by Chancellor Rishi Sunak in March’s Budget. It was planned to be launched later in the year but has been brought forward due to the Coronavirus outbreak.
The Forum is comprised of the Bank of England, Prudential Regulation Authority, Financial Conduct Authority, Payment Systems Regulator and Competition and Markets Authority, with HM Treasury an observer.
The grid provides a timetable for major regulatory initiatives. These include the transition from LIBOR and EU withdrawal legislation.
The launch today also highlights initiatives that have been cancelled or delayed due to the pandemic including the Bank of England’s 2020 annual stress test and a number of consultations.
Also included are the DB/DC pension transfer reviews and the Retirement Income Suitability Review, now tentatively moved back to 2021.
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.”
Sam Woods, chief executive of the Prudential Regulation Authority and Forum co-chair, said: “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.
Keith Richards, chief executive of the Personal Finance Society, welcomed the announcement.
He said: “To date, the financial services regulators have shown a flexible approach, temporarily relaxing some reporting requirements in order to help the personal finance profession better serve their clients. This flexibility is welcome and the creation of the grid should help financial advice firms plan for the future.”
• The Regulatory Initiatives Grid can be found here.