Covid-19 - Impact on the Financial Sector

A collection of articles written by our global specialists in Financial Services covering the impact of Covid-19 on the Banking, Insurance and Asset Management sectors.

Covid-19 Articles of Interest to Financial Sector

The impact of Covid-19 on Regulatory Reporting for PRA supervised-firms

Key considerations on institutions’ credit IRB and IFRS 9 models

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Mazars provides an update on recent developments affecting financial institutions’ credit capital and provision models with focus on the EBA IRB Roadmap and COVID-19 relief measures.

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The Regulatory Impact of Covid-19 on Insurance Part 2

How will COVID-19 affect the financial regulatory response to climate change?

COVID-19 response to climate change
At first glance, regulatory authorities appear to have deprioritised the issue of climate change. However, a closer look would suggest otherwise and climate change in reality remains a key long-term priority of national and European regulators.

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Regulatory flexibility gives banks the tools to support the economy during the Covid-19 pandemic

Regulatory Flexibility
With banks no longer the weak link in the financial system, they now have a key role to play in supporting the real economy to survive the crisis caused by the Covid-19 pandemic. The significant strengthening of prudential regulation over the past decade since the 2008 financial crisis has enabled banking institutions to post solid levels of capital and liquidity, putting them in a strong position to cope with this unprecedented shock.

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Covid-19 and key accounting implications for corporates

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As the world adjusts to the coronavirus outbreak, we all face the difficult challenge of responding to the impact it is having on our lives. As well as issues of health and wellbeing, corporates face additional economic challenges presented by the disease. So how should corporates qualify events from an accounting perspective?

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The Regulatory Impact of Covid-19 on Insurance Part 1

Insurance Risk
The Financial Conduct Authority (FCA) is scaling back, planned work is being put on hold and the timing of further work on General Insurance (GI) Pricing Practices is under review. However, this doesn’t mean there is a lack of regulatory activity, far from it! The regulatory impact of Covid-19 is just getting started and there’s already a lot to keep track of.

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Phase 1 SFTR Delayed

Mazars FS Banking
The European Securities and Markets Authority (ESMA) has issued a public statement to announce the delay of the industry’s compliance with phase one of the Securities Financing Transactions Regulation (SFTR).

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