Additional FCA Covid impact survey

YOUR COMPLIANCE MATTERS:         Additional FCA Covid impact survey

Relevance:                 All firms.

Action required:       None yet; information only at this stage

We have received a notification that the FCA will be issuing a further COVID-19 impact survey shortly.

The FCA issued the first phase of its Covid-19 Impact Survey in June 2020, covering around 13,000 firms (Tranche 1), and then rolled this out to a further 9,500 firms (Tranche 2) at the beginning of August 2020. This survey was repeated for both tranches two more times to understand the change in firms’ financial positions with time.

The survey is designed to help the FCA obtain an accurate view of the impact of Covid-19 to support the regulator's work to mitigate risks of harm to consumers, the market and competition within it. 

The FCA is now repeating this survey for a fourth time. 

We appreciate that you may feel frustrated about having to submit relevant data again, but the completion of this survey is mandatory. 

Timings

The FCA is planning to send this survey to the relevant firms in Tranche 1, on one of the following dates: 

•           Batch 1 - to be sent on 12 April 2021 - response due by 3 May 2021

•           Batch 2 - to be sent on 13 April 2021 - response due by 4 May 2021

•           Batch 3 - to be sent on 14 April 2021 - response due by 5 May 2021

•           Batch 4 - to be sent on 16 April 2021 - response due by 7 May 2021 

Prior to receiving this survey, firms should receive a warm-up/introduction email at least 1 day before the survey is sent. 

This survey will include 10 questions in total, designed to provide information about the following areas: 

•           Liquidity/cash availability and needs

•           Recent financial performance

•           Scale of business activity

•           Access to government schemes 

The survey will be sent to all firms in Tranche 1 portfolios unless they satisfy specific exclusion criteria. 

Firms will be emailed a link to complete the survey online (not through Gabriel). 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. The link that the FCA will send will be unique to each firm. If firms need a different individual within their organisation to answer and submit the survey, the link can be forwarded to the required person. 

Responding to the survey 

The FCA is aware that firms will be concerned about phishing emails and scams. If you receive a request to complete this survey, please check it's from either FCA@fcanewsletters.org.uk or an @fca.org.uk email address. 

Completion of the survey is mandatory, with the FCA stating that is may exercise its powers under FSMA for firms who do not respond. If you need to discuss any aspect of this matter with us, please make contact in the normal way.