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March 20, 2020, 3:11 a.m. EDT

Bank of England cancels bank stress tests

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By Steve Goldstein

The Bank of England said Friday it's going to cancel the 2020 stress test for the eight major U.K. banks and building societies as well as delay a planned survey with the Financial Conduct Authority into about 300 open-ended funds. The central bank said it was alleviating operational burdens in the wake of the Covid-19 outbreak. "These measures will provide flexibility to help firms and [financial market infrastructures] maintain their safety and soundness and deliver the critical functions they provide to the economy," the central bank said .

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