The FCA have advised as follows:

“We’re asking a number of firms to complete this survey to help us understand how the current financial climate is impacting FCA solo-regulated firms. 

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

Batch 1: to be sent on 7 February 2023 – response due by 28 February 2023

Batch 2: to be sent on 8 February 2023 – response due by 1 March 2023

Batch 3: to be sent on 9 February 2023 – response due by 2 March 2023

Batch 4: to be sent on 10 February 2023 – response due by 3 March 2023 

And firms in Tranche 2 on the following dates: 

Batch 1: to be sent on 14 February 2023 – response due by 7 March 2023

Batch 2: to be sent on 15 February 2023 – response due by 8 March 2023

Batch 3: to be sent on 16 February 2023 – response due by 9 March 2023

Batch 4: to be sent on 17 February 2023 – response due by 10 March 2023 

Firms in the Temporary Permissions Regime and Supervisory Run-off Regime can expect to receive this same survey, based on the same timeline above.

CP22/19 

On 3 October 2022 we published a Consultation Paper with proposals to replace the FCA Financial Resilience Survey with a new regulatory return during 2023. In doing so, we aim to:    

• reduce the administrative and financial burden that an ad hoc survey places on firms  
• increase the quality and consistency of financial resilience data received from our solo-regulated firms  

This consultation has now closed. We will consider all feedback and publish a policy statement and final rules by Summer 2023.  

We still require firms to complete the Financial Resilience Survey when requested to do so by us, until such a time that the new return comes into force.  

This latest survey follows on from Phase 8, issued in October 2022:

We will send a warm up/introduction e-mail to all the firms at least one 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 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 

And Tranche 2: 

• 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
• Retail mortgage lenders
• Mortgage third party administrators
• Lifetime mortgage providers
• Debt advice firms (excl. not-for-profit)
• Non-bank lenders
• Mortgage intermediaries
• Motor finance providers
• Retail finance providers
• Price comparison websites
• Corporate finance firms 

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.”