FCA is to send a survey by email with a link to 13,000 solo regulated firms, aimed to helping FCA understand the impact of Covid 19 on regulated firms and their financial resilience, where the greatest impacts are for firms and consumers, and support their current work. Completion of the survey is mandatory, within 7 days of receipt. FCA aims to repeat the survey periodically until all firms have received it. Some firms will receive the survey on 4 June, others on 8th. FCA has confirmed how firms can check the email is genuine.
Initially, a range of firms from within the following portfolios will be contacted:
- E-money issuers
- High cost lenders
- Payment services firms
- Peer to peer lending platforms
- SIPP operators
- Advisers and Intermediaries
- CFD providers
- Credit reference agencies and providers of credit information services
- Custody services
- Debt purchasers, debt collectors and debt administrators
- Mainstream consumer credit lenders
- Personal and Commercial Lines insurance intermediaries (unless they responded to an earlier survey)
- Wealth management firms
The 10 question survey will look at:
- Cash and other liquid assets held and what costs those assets need to cover in the new few months, including extensions with creditors.
- Recent financial performance with regards to P&L and the impact of Covid-19, in the previous 3 months, and if this has affected business models.
- Scale of business activity and income and for e-money and GI, around safeguarded and client money.
- Information around firms accessing Government schemes, loans or furlough schemes.