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FCA to issue a seventh round of financial resilience surveys – Tranche 2 firms

Jun 10, 2022 | FCA

Link(s):Financial Resilience Survey | FCA

Context

The FCA has updated its new web page setting out the details of the seventh wave of financial resilience surveys (formerly known as the Covid-19 impact surveys) which are to be sent to the Tranche 1 firms between 13th and 17th June 2022 (as detailed in our previous Update for week ending 27th May), and to the Tranche 2 firms between 20th and 24th June 2022. Firms in the Temporary Permissions Regime and Supervisory Run-off Regime can expect to receive this same survey, based on the same timelines above.

The FCA has taken the opportunity to simplify the format of the survey form to make for easier completion – so it will look a little different. The information the FCA is asking firms to provide, however, remains the same.

Key points to note

Wholesale Brokers, Claims Management, Lloyd’s & London Market Intermediaries and Price Comparison Websites are included in Tranche 2.

  • The Tranche 2 dates are:
    • Batch 1: to be sent on 20th June 2022 – response due by 11th July 2022
    • Batch 2: to be sent on 21st June 2022 – response due by 12th July 2022
    • Batch 3: to be sent on 22th June 2022 – response due by 13th July 2022
    • Batch 4: to be sent on 24th June 2022 – response due by 15th July 2022
  • The FCA will send a warm-up/introduction email to all the firms at least 1 week prior to them receiving the survey.
  • This survey will include 9 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
  • 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 the FCA expects that most firms will not need more than an hour to complete it.
  • The link will be unique to each firm. If firms need a different individual within their organisation (or a consultant) to answer and submit the survey, the link can be forwarded to the required person.

Next actions

We have included this item for information and awareness, but completion of the survey is mandatory under section 165 of the Financial Services & Markets Act (FSMA) 2000.