Context
The FCA will shortly be sending a survey to all firms holding the credit broking permission.
Key points to note
- The survey will provide the FCA with an updated view of how firms are using their credit broking permission which will help to mitigate the risks of harm to consumers.
- The questions asked will be relevant to firms’ business models for example, the type of credit broking activity carried out, including how the firm is remunerated and how many creditors the firm has a relationship with.
- The FCA expects completion of the survey to take no longer than 30 minutes. Firms will have 15 working days to submit responses.
- The survey will initially be sent to 300 firms as a pilot exercise on 20 May 2021.
- After the pilot exercise the survey will be sent to the remainder of firms holding the credit broking permission in batches over two weeks from 5th July 2021.
- Whilst the FCA is not seeking this information under its formal information gathering powers, the FCA has made it clear that firms are expected to complete the survey. Firms are reminded of their obligations under Principle 11 to deal with their regulators in an open and cooperative way. Firms which do not complete the survey may be contacted by the FCA to understand the reasons for this non-completion.
Next actions
Firms should keep an eye out for the survey arriving in their inboxes and complete and submit it at the earliest opportunity.