PMI postpones exams while FCA delays consultation responses amid coronavirus outbreak
The Pensions Management Institute (PMI) has postponed all of its exams, while the Financial Conduct Authority (FCA) has moved to delay its consultation responses amid the market disruptions caused by the Covid-19 outbreak.
The PMI revealed its spring exams have been postponed until the autumn, which will see all students currently enrolled deferred until September/October 2020.
The new exam dates will be:
- Tuesday 8 September to Friday 11 September for Certificate in Pension Calculations (CPC) exams
- Tuesday 15 September for Award in Pension Trusteeship (APT), Certificate in DC Governance and Retirement Provision Certificate (RPC) exams
- Monday 5 October and Tuesday 6 October for Advanced Diploma in Retirement Provision (ADRP) exams
It said Pensions Aspects Live 2020 and its Annual Dinner have been postponed until further notice. Further information can be found here: https://www.pensions-pmi.org.uk/home/#coronavirus-information
Amid the outbreak, the Pensions and Lifetime Savings Association has also cancelled immediate events including two training sessions next week, while the Trades Union Congress has cancelled its annual pensions conference which was due to take place next week.
Professional Pensions has also rescheduled a number of its events - moving the Rising Star Awards and UK Pensions Awards to September and changing the dates of a number of its one day events. Our website will be updated over the coming day with the latest information.
Meanwhile, The Pensions Regulator (TPR) is encouraging its staff to work from home. A spokesperson said: "TPR remains fully operational and we continue to follow government advice… We will continue to monitor the situation closely and will take all necessary steps to protect our staff."
Additionally, a Pension Protection Fund spokesperson revealed: "The PPF remains fully operational and has contingency plans in place to ensure our members, and those protected by the PPF can continue to receive the level of service they are used to.
"In line with government guidance, the PPF employees who are able to work from home are doing so and members can be assured that they will continue to receive their payments as normal."
Also, the FCA has extended the closing date for its ongoing consultations and calls for input until 1 October and rescheduled most other planned work in response to the pandemic.
In a statement yesterday (17 March), the watchdog said it would postpone activity it did not deem "critical to protecting consumers and market integrity in the short term".
Examples of delayed consultation papers include CP20/3: Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations, and CP19/32: Building operational resilience: Impact tolerances for important business services.
Postponed publications include the joint Prudential Regulatory Authority and FCA work to develop industry-led guidance on how to integrate climate-related risks into business decision making across the financial services sector and vulnerability guidance.
The statement said: "Our rules give firms the ability to consider their arrangements and customers' circumstances. We welcome firms reviewing their current arrangements to address the evolving situation while managing the risks to their employees, customers and the impact on the market.
"We are in regular contact with firms to assess their current position, and expect firms to be taking reasonable steps to ensure they are prepared to meet the challenges coronavirus could pose to customers and staff, particularly through their business continuity plans."
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