The FCA issued the first phase of the Covid-19 Impact Survey (the resilience surveys) in June 2020, covering around 13,000 firms across 15 Supervision portfolios (Tranche 1), and then rolled this out to a further 9,500 firms in 21 portfolios (Tranche 2) at the beginning of August 2020. Since then, the FCA has repeated this resilience survey for both Tranches three more times.
The survey has helped the FCA obtain an accurate view of the impact of Covid-19 and supported its work to mitigate risks of harm to consumers, the market and competition within it.
The FCA has confirmed on its website that it is now repeating this survey again, and it will again include 10 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
The survey will be sent to all firms in the Tranche 1 portfolios unless they satisfy specific exclusion criteria (not specified on the FCA web page); the list of types of firm to receive the survey includes personal and commercial lines insurance intermediaries. The FCA is planning to send this survey to the relevant firms in Tranche 1 on one of the following dates:
Batch 1: to be sent on 2 August 2021 – response due by 23 August 2021
Batch 2: to be sent on 3 August 2021 – response due by 24 August 2021
Batch 3: to be sent on 4 August 2021 – response due by 25 August 2021
Batch 4: to be sent on 6 August 2021 – response due by 27 August 2021
The FCA will send a warm-up / introduction e-mail to all the firms at least 1 day prior to them receiving the survey, and is aware that firms will be concerned about phishing e-mails and scams. When they receive the survey, the FCA is asking that firms check it is from either FCA@fcanewletters.org.uk or an @fca.org.uk e-mail address.
Please note that completion of the survey is mandatory under section 165 of the Financial Services & Markets Act (FSMA) 2000.