We wrote recently about the latest FCA survey. This is mandatory and some firms have been querying how to answer one of the questions.
The question asks –
- What are your estimated cash needs (fixed costs, known variable costs) and expected cash inflows between 1 March and 31 May 2022? (GBP)
Please report the actual number and not in thousands of millions. The value should be in GBP as per the exchange rate on 31 May 2022.
The FCA have confirmed the correct dates for this question should be 1 June to 31 August 2022.
Firms receiving their survey after Monday (20 June) will see the correct reporting period.
For the avoidance of doubt, firms who have already submitted their survey response do not need to resubmit.
Consumer Credit – When to Apply for Full Authorisation
Steve Bailey Compliance 2014, 2016, FCA
The FCA has issued guidelines to firms about when and how they should apply for full consumer credit authorisation. All firms who hold interim permissions or are new to consumer credit should read on.