Financial Conduct Authority  

FCA prepares fifth adviser resilience survey

FCA prepares fifth adviser resilience survey

The Financial Conduct Authority has alerted advice firms that it is repeating its coronavirus financial resilience survey for a fifth time next month.

The regulator said it would issue its survey again to help it better understand the impact of Covid on firms’ financial resilience.

Firms in the first tranche will receive the survey by email between August 2 and 4. 

Responses must be submitted within 15 working days of receipt of the survey, according to an email to firms seen by FTAdviser.

This survey comes after the FCA issued the first phase of its Covid-19 impact survey between June and August last year.

But the latest request is not expected to be the last as the FCA stated it expects to “repeat the survey in the future”.

Advisers have taken to Twitter to question why another survey is being sent out.

One adviser said: “Yipppee another @TheFCA COVID-19 survey on the way. I wonder what they are actually doing with the data? What actions have they taken with the data already gathered?”

While another said: “Another firm covid impact survey from the FCA is released next week, when most people go on holiday... I guess most will be in the UK, but I do wonder what the point is of this (again). How about some focus?”

According to the FCA, the survey has helped it obtain an accurate view of the impact of Covid-19 and supported its work to mitigate risks of harm to consumers, the market and competition within it.

In January the regulator said it had identified 4,000 financial services firms with low financial resilience and at heightened risk of failure.

Survey questions to firms have previously included what impact the coronavirus is having on their business model and whether permanent employees have been furloughed.

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