Context
The FCA has published the results of its Covid-19 resilience surveys which were sent to 23,000 solo-regulated firms. The results of the surveys can be found at https://www.fca.org.uk/data/coronavirus-financial-resilience-survey-data
Key points to note
- The results show that insurance intermediaries and brokers saw a 30% decrease in available liquidity in the period between February 2020 and May/June 2020
- 59% of respondents expected the pandemic to have a negative impact on their net income
- 44% of insurance intermediaries had furloughed staff and 19% had received a loan from the government
- There was a small increase in profitable firms between February 2020 and May/June 2020 of 2% for insurance intermediaries and brokers