Financial Conduct Authority  

Adviser complains to FCA over ‘threatening’ surveys

Chartered wealth manager Philip Milton suggested instead of sending the survey to all firms, the FCA could send it to firms based on their cash reserves.

"Why not only send the questionnaire to firms, say, which do not demonstrate (by their latest filed accounting information) a higher leeway of financial comfort on their balance sheets than the regulatory minimum demand?  

“That would encourage firms to preserve reserves above the standard lowest level.” Milton also echoed comments made by other advisers in the past, saying he was sceptical as to what extent the regulator uses the information firms send it.

In the past, the FCA has said the data is important in helping it understand the impact Covid-19 has had on firms it regulates, allowing it to identify emerging risks of harm to consumers, the market and competition, and prioritise supervisory interventions.