NEW FCA COVID 19 IMPACT SURVEY

YOUR COMPLIANCE MATTERS – NEW FCA COVID 19 IMPACT SURVEY

Relevance: All firms.

Action Required: Be prepared to respond to the FCA request within the 7 day deadline.

We previously notified you that the FCA had sent out a Financial Resilience survey to 300 firms (5 hours to complete, one week deadline).

The FCA has now written to a number of firms confirming that they will be asked to complete a COVID-19 Impact Survey. We have not yet seen the survey but, according to this morning’s Money Marketing article (reprinted below) this one will only take an hour to complete although turnround remains one week.

We are not sure that the suggested ‘one hour’ timeframe will prove to be the case as the survey still seeks ‘detailed responses’ in respect of ‘liquidity/cash availability and needs’ so preparation time may be somewhat longer.

Further copies of the previous ‘Financial Resilience’ survey FAQs and Content are attached for reference as you may want to prepare in case the new survey covers similar ground. Please forward these to any of your team who may need to be involved.

‘FCA launches major Covid-19 survey

The FCA will send a mandatory survey to 13,000 regulated firms on Thursday to assess the impact of Covid-19, Money Marketing has learned.

It will include financial advisers, wealth managers, platforms, and personal and commercial insurance intermediaries.

Money Marketing understands the first batch will be sent on 4 June with completion required by 12 June, while the remainder will be issued 8 June with return required by 16 June.

It is expected the survey should take no longer than an hour to complete and can be conducted via mobile app as well as online.

The survey is based on 10 key questions that require a detailed response in the following areas: Liquidity/cash availability and needs, recent financial performance, scale of business activity and access to government schemes.

Further assistance

As always, should you need any help completing the survey, please get in touch.