FCA resilience survey ‘has no consideration for advisers’ time’

This is the eighth survey the regulator has sent advisers, following one sent to them in mid-June. The FCA has said the data collection gives it a baseline level of financial resilience information across a wide range of firms.

However, some advisers have continued to bemoan the survey, arguing that the time it takes to fill it in only makes it harder for smaller businesses to continue trading and offer a consistent service to clients.

This is having a negative effect by not allowing time to treat consumers fairly. Which is after all what we all want.Peter Meadway, PM Independent Financial Services

The most recent survey will be sent to advisers between October 11 and October 14, to be completed within 15 working days of receiving it.

Information being asked of firms remains the same, following a revamp of the survey in May designed to make it easier for advisers to fill in their information.

Founder of PM Independent Financial Services, Peter Meadway, told FTAdviser: “The FCA does not seem to have any consideration for the adviser’s time. 

“We have only just had the consumer duty placed on us. It is becoming impossible as a one-man business to be able to continue trading, mainly due to compliance pressures constantly increasing. 

“How can we adhere to the FCA’s rules if it is burdening us with compliance after compliance rulings all the time. This is having a negative effect by not allowing time to treat consumers fairly. Which is after all what we all want.”

Meadway added that he also has to submit his annual retail mediation activities return by October 19.

“Yet they still want a financial resilience survey completed in October,” he said.

Principal of Financial Risk Management, Julian Pruggmayer, said: "This bloody Covid hasn't done any damage like the RDR [Retail Distribution Review] did."

An FCA spokesperson told FTAdviser the survey helps it identify emerging risks of harm to consumers, the market and competition within it and helps it to mitigate those risks. 

“We need the most recent data available to enable us to make an accurate assessment of firms’ resilience,” they added.

ruby.hinchliffe@ft.com