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What has happened?

In February 2023, the FCA will ask a wide range of firms to complete a Financial Resilience survey to help its understanding of how the current financial climate is impacting FCA solo-regulated firms. 

What are the key points of the survey?

The FCA is planning to send this survey to the relevant firms (see below) in Tranche 1 on the following dates:

• Batch 1: to be sent on 7 February 2023 - response due by 28 February 2023
• Batch 2: to be sent on 8 February 2023 - response due by 1 March 2023
• Batch 3: to be sent on 9 February 2023 - response due by 2 March 2023
• Batch 4: to be sent on 10 February 2023 - response due by 3 March 2023

and to firms in Tranche 2 on the following dates:

• Batch 1: to be sent on 14 February 2023 - response due by 7 March 2023
• Batch 2: to be sent on 15 February 2023 - response due by 8 March 2023
• Batch 3: to be sent on 16 February 2023 - response due by 9 March 2023
• Batch 4: to be sent on 17 February 2023 - response due by 10 March 2023

Firms in the Temporary Permissions Regime and Supervisory Run-off Regime can expect to receive this same survey, based on the timeline above. 

This latest survey follows on from Phase 8, issued in October 2022:

The FCA will send a warm-up/introduction e-mail to all the firms at least one week prior to them receiving the survey.

This survey will include nine questions in total, designed to give information about the following important areas:

• Liquidity/cash availability and needs,
• Recent financial performance, and
• Scale of business activity

The survey will be sent to the following firm types

• E-money issuers
• Payment services firms
• Peer-to-Peer lending platforms
• SIPP operators
• Advisers and intermediaries
• Contracts for differences (CFD) providers
• Credit reference agencies and providers of credit information services
• Crowdfunders
• Custody services firms
• Mainstream consumer credit lenders
• Personal and commercial lines insurance intermediaries
• Platforms
• Wealth management firms
  
  
• Asset management firms
• Wholesale brokers
• Other wholesale firms
• Alternative investment firms
• Claims management firms
• Retail mortgage lenders
• Non-bank lenders
• Mortgage intermediaries
• Retail finance providers, and
• Corporate finance firms

Firms will be emailed a link to complete the survey online (not through RegData). It is designed to be easy to complete even via a mobile phone and it is expected that most firms will not need more than an hour to complete it.

How can we help you?

Thistle Initiatives has supported brokers for over 10 years as a trusted compliance and regulatory advisor. In addition to assisting you as and when our team of specialists can serve as your right hand in a meeting and complying with regulations. We understand the importance of staying up-to-date and compliant and are dedicated to providing the guidance and support needed to do so.

Has anything discussed in the article raised questions you want to answer? Contact our specialist team now to schedule a free consultation. Get in touch with us by calling 020 7436 0630 or sending an email to info@thistleinitiatives.co.uk.