March 30, 2020

The PSA says that it is conscious that it needs to act as proportionately and pragmatically as ever at this time.

Compliance, however, remains critical it says, given the effect that non-compliant activities can have on consumers. The regulator will continue to investigate and enforce according to its prioritisation principles. Indeed, consumers need assurance that where providers disregard their responsibilities, especially those resulting in significant consumer harm, the PSA will act quickly and decisively.

The PSA says that it remains committed to delivering its core regulatory functions. Its contact centre remains open, its compliance and industry support function is operating effectively and it will continue investigations and enforcement activity.

However, it is aware that resources may be stretched at the moment. With this in mind, and in line with the practice of fellow regulators including Ofcom, it has been assessing its current policy priorities. It has decided to:

• extend its Review of its Code of Practice programme by three months: the Code Discussion Document is currently open for feedback. The PSA is providing an extra 12 weeks to respond to it. The new deadline for responses is 2 July 2020. If respondents are able to submit a response in advance of the new deadline, this will help. However, this is not a consultation on detailed proposals, so subject to consideration of the feedback received, there will be a further opportunity to provide input later in the process. The PSA will also be hosting a series of five webinars to seek input into its early development work. It will also be engaging with stakeholders directly through further virtual workshops in the coming months. Details will follow soon. In light of the extension, the PSA is now anticipating publishing its consultation document in early 2021. After that, it plans to issue its Statement in late Summer 2021. The intention remains that the new Code would take effect by the end of 2021;
• suspend its statement on refunds guidance: following the consultation on its new refunds guidance in January, the PSA has decided to suspend this work stream; and
• put on hold a consultation on revised DDRAC guidance: the PSA has been developing revised Due Diligence, Risk Assessment and Control (DDRAC) guidance to clarify its expectations. However, given that it currently has existing adequate DDRAC guidance in place, it has decided to place this work stream on hold.

To read the PSA’s press release in full, click here.