October 29, 2020

FCA COVID-19 Impact Survey

Further to the FCA’s Covid-19 impact survey in June, the FCA are continuing to follow up with all firms.  If you weren’t contacted in the last 4 weeks about this follow up survey it is likely you will be in the coming weeks.

The FCA’s core responsibilities include protecting consumers and enhancing the integrity of the UK financial markets. They remain concerned that the current financial stresses can put additional pressure on firms and are seeking to understand the effect COVID-19 is having on the finances of firms guide their supervisory actions.

The survey will be similar to last time (attached) but will also contain a few questions about Brexit. The FCA are conducting these surveys to help obtain an accurate view of the impact of Covid-19 and support their work to mitigate risks of harm to consumers, the market and competition within it.

You will receive a survey on one of the dates below with tight response times:

Batch 1: to be sent on 3 Nov - response due by 27 Nov

Batch 2: to be sent on 5 Nov - response due by 1 Dec

Batch 3: to be sent on 6 Nov - response due by 2 Dec

Batch 4: to be sent on 10 Nov - response due by 4 Dec

The survey will include 12 questions in total, designed to give the FCA information about the following important areas:

  • Liquidity/ cash availability and needs
  • Recent financial performance
  • Scale of business activity
  • Access to government schemes
  • Impact of Brexit

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

Completion of the survey is mandatory under Section 165 of the Financial Services & Markets Act (FSMA) 2000. If due to exceptional circumstances a firm cannot access its financial information, they will need to ensure that they complete the questions where the relevant information is available.