FCA survey number 7 – Tranche 2 firms

The FCA has advised as follows in relation to Tranche 2 firms (see definition list below).



“Many of you will be aware that we issued the first phase of the Covid-19 Impact Survey in June-August 2020, covering around 23,500 firms. Since then, we have repeated this survey five more times. 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 seventh time. 

You will note the title of this data collection has been updated to more accurately reflect its purpose of giving us baseline financial resilience information for our firms. We have also 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 we are asking firms to provide remains the same. 

We 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 20 June 2022 – response due by 11 July 2022

Batch 2: to be sent on 21 June 2022 – response due by 12 July 2022

Batch 3: to be sent on 22 June 2022 – response due by 13 July 2022

Batch 4: to be sent on 24 June 2022 – response due by 15 July 2022 

We 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 us information about the following important areas: 

  • Liquidity/cash availability and needs
  • Recent financial performance
  • Scale of business activity 

The survey will be sent to all firms in the following Tranche 2 portfolios unless they satisfy specific exclusion criteria: 

  • Exchanges
  • Asset Management
  • Wholesale Brokers
  • Wholesale Banks
  • Principal Trading Firms
  • Wholesale (Other)
  • Life Third Party Administrators
  • Multilateral Trading Facilities and Organised Trading Facilities
  • Alternatives
  • Benchmarks
  • Claims Management
  • Lloyd’s & London Market Intermediaries
  • Mortgage Third Party Administrators
  • Lifetime Mortgage Providers
  • Debt Advice Firms
  • Non-bank Lenders
  • Mortgage Intermediaries
  • Motor Finance Providers
  • Retail Finance Providers
  • Price Comparison Websites
  • Retail Mortgage Lenders 

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 it. The link that we will send 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. 

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 the current financial climate is having on the finances of the firms we regulate and to 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

Mike is a Chartered Financial Planner and a Fellow. He has been an ATEB consultant for over 10 years but has worked in financial services for a great deal longer. He has a wide breadth of experience covering banking and lending, home finance, pensions, investments, consumer credit and general insurance.

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