Portfolio

FCA gives firms 2 month extension to file results

By Frank Prenesti

Date: Thursday 26 Mar 2020

(Sharecast News) - Britain's financial regulator gave listed companies an extra two months to file results to properly gauge the impact of the Covid-19 pandemic.
The Financial Conduct Authority said the coronavirus was causing companies of all types to "re-think and re-plan almost all aspects of their business and operations".

It added that a moratorium on the publication of preliminary statements introduced on the weekend would end on April 5.

"We strongly recommend that listed companies review all elements of their timetables for publication of financial information in order to make appropriate use of the time available within regulatory deadlines to ensure accurate and carefully prepared disclosures," the FCA said.

"Companies and auditors should be granted time. Without a shift in market practice, the relief we and our partner agencies are announcing today will not be effective."

The FCA called on market players "not to draw undue adverse inferences when companies make use of the extra time our temporary relief gives them".

"For a great many companies it will be a sensible decision to make in unprecedented times."

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