| Link(s): https://www.fca.org.uk/news/statements/coronavirus-covid-19-financial-resilience-survey#revisions |
Context
The FCA launched the first phase of the Covid-19 impact survey in June 2020. The survey was repeated in late 2020 and at the beginning of 2021. The FCA has confirmed that it will repeat the survey for a fourth time. The completion of this survey is mandatory and the FCA has reiterated its intention to take action against those firms which fail to respond to its request.
The survey includes 10 questions in total, designed to give the FCA information about the following important areas:
• Liquidity/cash availability and needs
• Recent financial performance
• Scale of business activity
• Access to government schemes
Key points to note
- The first tranche of this fourth iteration of the survey will include personal and commercial lines insurance intermediaries.
- The FCA is planning to send this survey to the relevant firms in Tranche 1 on one of the following dates:
- Batch 1: to be sent on 12th April 2021 – response due by 3rd May 2021
- Batch 2: to be sent on 13th April 2021 – response due by 4th May 2021
- Batch 3: to be sent on 14th April 2021 – response due by 5th May 2021
- Batch 4: to be sent on 16th April 2021 – response due by 7th May 2021
Next actions
Firms should ensure that they respond fully and promptly upon receipt of the survey. Participation is mandatory. The FCA has stated that it may exercise its powers under FSMA for firms and/or individuals who fail to respond.