FCA to issue a seventh round of financial resilience surveys
The FCA has published a new web page setting out the details of the seventh wave of financial resilience surveys (formerly known as the Covid-19 impact surveys) which are to be sent to the Tranche 1 firms between 13 and 17 June 2022, and to the Tranche 2 forms 20 and 24June 2022. Firms in the Temporary Permissions Regime and Supervisory Run-off Regime can expect to receive this same survey, based on the same timeline above.
The FCA has 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 the FCA is asking firms to provide, however, remains the same.
Personal and Commercial Lines Insurance Intermediaries are included in Tranche 1
The Tranche 1 dates are:
Batch 1: to be sent on 13 June 2022 – response due by 4 July 2022
Batch 2: to be sent on 14 June 2022 – response due by 5 July 2022
Batch 3: to be sent on 15 June 2022 – response due by 6 July 2022
Batch 4: to be sent on 17 June 2022 – response due by 8 July 2022
The FCA 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 the FCA information about the following important areas:
Liquidity/cash availability and needs
Recent financial performance
Scale of business activity
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 the FCA expects that most firms will not need more than an hour to complete it.
The link 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.
As usual, completion of the survey is mandatory under section 165 of the Financial Services & Markets Act (FSMA) 2000.