The FCA are replacing the Financial Resilience Survey with a new financial resilience regulatory return. This will be referred to as ‘FIN073 – Baseline Financial Resilience Report’.
They will still require firms to complete the Financial Resilience Survey when requested to do so, until the new return comes into force in January 2024
This Policy Statement applies to all FCA regulated firms except:
The changes also apply to:
Firms that will be brought into scope of FIN073 will need to be prepared to submit the return when it is due, from January 2024. Firms will receive an automated reminder via RegData when the return is available for submission.
They are also consulting simultaneously on changing the scope of FIN073 to include full permission consumer credit firms. These firms are currently excluded from the rules considering that they are captured under the definition of Credit Brokers.
They will publish our final position in relation to the scope in Summer 2023, following the closure of CP23/9 in June 2023.