The Financial Resilience Survey data

Update

In June 2020 the FCA launched the Financial Resilience Survey (“FRS”) to collect data from approximately 23,000 regulated firms. Since then, the FCA has continued to collect data to measure the financial resilience of firms by assessing whether they hold sufficient resources to meet their ongoing obligations and potential failure. As of the 1 January 2024, this survey will be replaced by the new financial resilience regulatory return FIN073 to ease the administrative and financial burdens associated with ad hoc surveys.

The FIN073 aims to improve the quality and consistency of financial data from firms, focusing on collecting only the most critical information for the FCA’s supervisory assessments. In line with the FCA’s statutory consumer protection objective, market integrity objectives and competition duty, it wishes to make sure that:

• firms are properly safekeeping client assets and money to minimise the risk of loss or diminution;
• firms have sufficient financial resources and a plan in place to wind down in an orderly way; and
• if required, firms increase capital or liquidity to better withstand economic stresses.

The publication further demonstrates the FCA’s focus on being a data-led regulator, as there is a breakdown of the data received in each question asked in the regulatory return.

Thistle Initiatives can help respond to any questions the FCA may have as a result of submissions or help with longer term strategic preparation to meet regulatory expectations.

Link: https://www.fca.org.uk/data/financial-resilience-survey-data