“In a context such as this we would typically give firms a period of time to remedy any problems we identify before commencing formal enforcement action, where necessary,” he said.
“Post implementation, we will carry out work to review firms’ support for customers in financial difficulty and firms’ approach to fair value.”
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Baldwin added: “We thank the banks and the regulator for taking the time to respond to our letters.
“This is a topic of utmost interest to our committee and one we will continue to monitor closely, especially when the banks report their half year results in the coming weeks.”
sonia.rach@ft.com
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