FCA Financial Resilience Survey


In wake of the Covid-19 Impact Survey, as seen in June 2022, the FCA are launching another Financial Resilience Survey. This second rendition of the aforementioned survey is being conducted in order to continually understand the current financial climate that impacts FCA solo-regulated firms. As many Firms will understand the FCA are concerned about the firms and the ever growing stresses of the current economic climate; the stresses are viewed to be able to cause significant pressures on the firms including financial pressures.

Although the financial climate may have changed within the last few months, the FCA expect for the survey to be conducted in a similar manner, with the firms asked to provide the same or at least similar information as before.

The survey will include 9 questions, which are designed around areas that the FCA have deemed of importance:

  • Liquidity/ cash availability
  • Recent financial performance
  • Scale of business activity

Additionally, 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

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

This survey shall be sent out in 4 separate batches on the following dates:

Batch 1: to be sent on 11 October 2022- response due by 1 November 2022

Batch 2: to be sent on 12 October 2022- response due by 2 November 2022

Batch 3: to be sent on 13 October 2022- response is due by 3 November 2022

Batch 4: to be sent on 14 October 2022- response is due by 4 November 2022

Eligible firms should expect to receive an email at least a week prior to receiving the survey. This email will be a warm up/introduction. Later the survey shall also be sent via a link attached to an email. The link will allow for the firms to complete the survey online (not through RegData). It is designed to be easy to complete even via a mobile phone and it is expected that most firms will not need more than an hour to complete it. The link that will be sent 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.

Importantly, completion of the survey is mandatory under section 165 of the Financial Services & Markets Act (FSMA) 2000. The FCAWe may exercise itsour powers under FSMA for firms who do not respond. This survey has been designed by the FCA 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 that they complete the questions where the relevant information is available.

However, on October 3rd 2022, 2022, the FCA provided an update on the Financial Resilience Survey. The FCAy hasve published a Consultation Paper with a proposal to replace the survey with a new regulatory return during 2023. In doing this, the FCA aim to:to reduce the administrative and financial burden that an ad hoc survey places on firms and increase the quality and consistency of financial resilience data received from our solo-regulated firms. Firms are invited to respond to the questions in the Consultation by Friday 2nd December 2022. Firms are still required to complete the Financial Resilience Survey when requested to do so until the new return comes into place.

Regulatory Hosting

Laven offers a UK regulatory hosting platform which provides clients with the opportunity to conduct regulated activities as an Appointed Representative (AR).


Follow us on LinkedIn for company updates and the latest news.

Recent articles