FCA to survey 13,000 firms to understand impact of coronavirus (COVID-19

FCA to survey 13,000 firms to understand impact of coronavirus (COVID-19

The Financial Conduct Authority (FCA) will shortly be issuing a mandatory survey to 13,000 regulated firms across 15 sectors, including advice, wealth management and platform firms.  The FCA is gathering the information to help it assess the impact of coronavirus (COVID-19) on the financial resilience of firms.

According to the Personal Finance Society (PFS), the FCA wants to understand the immediate and longer-term impact of COVID-19 to ensure that it focuses on the right things. There will be 10 questions based on the following key areas:

• liquidity/cash availability and needs

• recent financial performance

• scale of business activity

• access to government schemes 

The PFS says it has been engaged with the FCA every week during the lockdown, and much of the feedback received from its members has influenced some of the pragmatic flexibility regarding the relaxation of certain rules and deadlines to ease pressure on firms.

The FCA has advised the PFS that the survey is an important request and that every firm contacted will need to complete the survey, which should take no longer than an hour to complete and can be completed via mobile app as well as online. The PFS will publish details of the survey once it becomes available.

Sources:

Coronavirus (Covid-19) Financial Resilience Survey

13,000 regulated firms to receive FCA survey request

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