FCA financial resilience surveys – another round to be issued

The FCA has updated its Financial Resilience Surveys web page to indicate that it will be asking a number of solo-regulated firms, in both Tranches 1 and 2, to complete again the financial resilience survey:

  • Tranche 1 between 11 and 14 October 2022
  • Tranche 2 between 18 and 21 October 2022

The regulator wants to understand the effect the current financial climate is having on the finances of the firms it regulates so it can better guide its supervisory actions.

Tranche 1 includes firms in the ‘Personal and Commercial Lines Insurance Intermediaries’ portfolio. Firms in the Temporary Permissions Regime and Supervisory Run-off Regime will also receive this same survey and operate to the same timeline.

Dates provided for Tranche 1 of this next round are:

Batch 1: to be sent on 11 October 2022 – response due by 1 November 2022

Batch 2: to be sent on 12 October 2022 – response due by 2 November 2022

Batch 3: to be sent on 13 October 2022 – response due by 3 November 2022

Batch 4: to be sent on 14 October 2022 – response due by 4 November 2022

As usual, firms will receive a warm-up / introductory e-mail at least one week prior to receiving the survey.  Firms will be e-mailed a link to complete the survey online (not through RegData) and it is expected that most firms will not need more than an hour to complete it.

Completion of the survey remains mandatory under section 165 of the Financial Services & Markets Act (FSMA) 2000.

The FCA is aware of firms’ concerns around phishing e-mails and scams and reminds firms to check, when receiving the survey, that it is from either FCA@fcanewsletters.org.uk or an @fca.org.uk e-mail address.

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