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13,000 regulated firms to receive FCA survey request

News article

Publication date:

02 June 2020

Last updated:

03 June 2020

Author(s):

Personal Finance Society

The Financial Conduct Authority (FCA) are about to issue a mandatory survey to 13,000 regulated firms across 15 sectors and will include Advice, Wealth Management and Platform firms.

The survey should take no longer than an hour to complete and can be completed via mobile app as well as online. 

The purpose of gathering information is intended to help the regulator better assess the impact on both firms and consumers. 

The FCA want to understand the immediate and longer term impact to help inform and influence areas of most relevant focus to ensure they focus on the right things. 

There are 10 key questions based on the following important areas: 

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

The PFS has been engaged with the FCA every week during the lockdown and much of the member feedback received by us has influenced some of the pragmatic flexibility regarding the relaxation of certain rules and deadlines to ease pressure on firms.

The FCA have advised us that this is an important request and every firm contacted will need to complete the survey. We will publish details of the survey once it becomes available.

This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.