FCA Covid-19 Survey #5

The FCA has advised;

Many of you will be aware that we 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 we have repeated this survey for both Tranches three more times to understand the change in firms’ financial positions with time. The survey has helped us obtain an accurate view of the impact of Covid-19 and supported our work to mitigate risks of harm to consumers, the market and competition within it. 

We are now repeating this survey for a fifth time. 

We are planning to send this survey to the relevant firms in Tranche 1 on one of the following dates: 

Batch 1: to be sent on 2 August 2021 – response due by 23 August 2021

Batch 2: to be sent on 3 August 2021 – response due by 24 August 2021

Batch 3: to be sent on 4 August 2021 – response due by 25 August 2021

Batch 4: to be sent on 6 August 2021 – response due by 27 August 2021 

We will send a warm-up/introduction email to all the firms at least 1 day prior to them receiving the survey. 

This survey will include 10 questions in total, designed to give us information about the following important areas: 

  • Liquidity/ cash availability and needs
  • Recent financial performance
  • Scale of business activity
  • Access to government schemes 

The survey will be sent to all firms in the following Tranche 1 portfolios unless they satisfy specific exclusion criteria: 

  • E-Money Issuer
  • High Cost Lenders
  • Payment Services Firm
  • Peer-to-Peer lending platforms
  • SIPP Operators
  • Advisers and intermediaries
  • Contracts for Differences (CFD) Providers
  • Credit reference agencies and providers of credit information services
  • Crowdfunders
  • Custody Services
  • Debt purchasers, debt collectors and debt administrators
  • Mainstream Consumer Credit Lenders
  • Personal and Commercial Lines Insurance Intermediaries
  • Platforms
  • Wealth Management 

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 we expect that most firms will not need more than an hour to complete. The link we send 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. 

We know firms will be concerned about phishing emails and scams. When they receive the survey, we ask that firms check it is from either FCA@fcanewsletters.org.uk or an @fca.org.uk email address. 

Completion of the survey is mandatory under section 165 of the Financial Services & Markets Act (FSMA) 2000. We may exercise our powers under FSMA for firms who do not respond. We have designed this survey 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. 

At the FCA, our core responsibilities include protecting consumers and enhancing the integrity of the UK financial markets. We know that financial stresses can put additional pressure on firms and so we are seeking to understand the effect Covid-19 is having on the finances of the firms we regulate and better guide our supervisory actions.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

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About the Author

Richard is a Chartered Financial Planner and a Fellow. He has a long track record of implementing compliance regimes for firms large and small. His expertise and qualifications are broad, including pensions, investments, home finance, consumer credit and general insurance.

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