Context
The FCA issued the first phase of the Covid-19 Impact Survey in June 2020, covering around 13,000 firms across 15 Supervision portfolios (Tranche 1), and then rolled this out to a further 9,500 firms in 21 portfolios (Tranche 2) at the beginning of August 2020. Since then, the FCA has repeated this survey for both Tranches on numerous occasions to allow it to understand the change in firms’ financial positions with time. The survey has helped the FCA obtain an accurate view of the impact of Covid-19 and supported its work to mitigate risks of harm to consumers, the market and competition within it.
Key points to note
The FCA are planning to send this survey to the relevant firms in Tranche 2 on one of the following dates:
- Batch 1: to be sent on 1st February 2022 – response due by 22nd February 2022
- Batch 2: to be sent on 2nd February 2022 – response due by 23rd February 2022
- Batch 3: to be sent on 3rd February 2022 – response due by 24th February 2022
- Batch 4: to be sent on 7th February 2022 – response due by 28th February 2022
This survey will include nine questions in total, designed to give information about firms’ liquidity/cash availability and needs, recent financial performance, scale of business activity and access to government support.
A warm-up/introduction e-mail will be sent to all the firms at least one day prior to them receiving the survey. Firms will be e-mailed a link to complete the survey online (not through RegData). It is designed to be easy to complete even via a mobile phone and it is expected that most firms will not need more than an hour to complete. The link sent to firms 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
As previously, the completion of the survey is mandatory under section 165 of the Financial Services & Markets Act (FSMA) 2000. The FCA has stated that it may exercise its powers under FSMA for firms who do not respond. The survey has been designed so that it is quick and simple to complete. However, if due to exceptional circumstances a firm cannot access its financial information, they will need to ensure that they complete the questions where the relevant information is available.