YOUR COMPLIANCE MATTERS:         FCA Credit Broking Survey July 2021 

YOUR COMPLIANCE MATTERS:         FCA Credit Broking Survey July 2021 

Relevance:                 All firms. 

Action required:       Ensure that you respond to any survey request received from the FCA. 

The FCA will be asking regulated firms, that hold the credit broking permission, to complete a short survey to update the information they hold on how you are using this permission. 

The FCA sent out a pilot survey to 300 firms on 20 May 2021. The survey to remaining firms is expected to go out after the 5th July. It has, according to the FCA, been designed to be quick and simple to complete. 

The survey will give the FCA an updated view of how firms are using the credit broking permission. They will, apparently, use the data provided, alongside existing data, to support its ongoing work to mitigate risks of harm to consumers. 

It should be possible to complete the survey within 30 minutes, but it may be less for some firms. Firms will have 15 working days to submit their responses. 

While the FCA is not seeking this information under its formal information gathering powers, it expects firms to complete the survey. Where firms do not complete the survey, the FCA may contact them to understand the reasons for this. 

We know firms will be concerned about phishing emails and scams. When you receive the survey, please check it is from either FCA@fcanewsletters.org.uk or FCACreditBrokingSurvey@fca.org.uk. 

A copy of the FAQs, relating to the survey can be found here Credit Broking Survey - Frequently Asked Questions (fca.org.uk). 

As always, if you have any questions, or need any help completing the survey, so please get in touch.