FCA launches Covid-19 survey of 13,000 firms

The FCA has today launched a survey of 13,000 regulated firms to assess how their ‘financial resilience’ may have been affected by the Coronavirus outbreak. The regulator will send the ‘short survey’ to firms between today (4 June) and 8 June. The FCA said: “We know firms will be concerned about phishing emails and scams at this time. The survey will be sent to firms by us between 4 – 8 June 2020. Please check that the e-mail address is from an fca.org.uk e-mail address when you receive the survey. If you have any questions you can speak with our Contact Centre. “We will use the data provided, alongside existing data, to support our ongoing work.” Compliance experts say the survey is mandatory for IFAs and wealth management firms selected to take part. Vicky Pearce, founder of compliance consultants B-Compliant, said: “The survey will consist of ten questions and the hope and expectation is that it will not take longer than one hour to complete. It seeks very specific answers to some key questions. “It’s worth having a good handle on cash and other liquid assets held and what costs those assets need to cover in the next few months, including extensions with creditors. “Interestingly, it will also be requesting details about the level of support drawn from accessing Government schemes, loans or furlough schemes. If firms fail to respond it is highly likely they will receive a reminder and then possibly have to engage directly with the FCA." Advisers are expected to have 7 working days to complete and submit the survey. • The FCA also said today that a planned update on its work on defined benefit pensions, due to be published this morning, will be delayed until Friday.

FCA launches Covid-19 survey of 13,000 firms

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