COVID-19: FCA updates statement on CBILS and BBLS following launch of BBLS

Regulatory Updates | 04/05/20

The Financial Conduct Authority (FCA) has published an update to its statement on the UK Coronavirus Business Interruption Loan Scheme (CBILS) and the new Bounce Back Loan Scheme (BBLS) following the launch of the BBLS on 4 May 2020. The statement sets out the FCA’s approach to its regulation of firms under the schemes, and confirms its position of 27 April 2020 which is that, if firms comply with the relevant requirements of CBILS as announced on 27 April 2020, the FCA does not expect them to comply with CONC 5.2A.4-34 where the lending is regulated.