The FCA is to carry out an extensive survey of solo-regulated firms to assess how they are coping with the cost of living crisis.
The FCA will use the survey to assess the ‘financial resilience’ of firms.
The regulator said: “We’re asking a number of firms to complete this survey to help us understand how the current financial climate is impacting FCA solo-regulated firms.”
The watchdog wants to assess how firms regulated only by the FCA are coping with the economic turmoil the UK is experiencing.
The regulator will send the survey in two tranches in October. It is mandatory for firms which receive the survey to complete it.
The watchdog also surveyed the sector during the peak of the pandemic to see how firms were coping.
Not all solo firms will be surveyed but the FCA says it will ask “a number” to take part. Firms in the Temporary Permissions Regime and Supervisory Run-off Regime can also expect to receive the survey in October.
The survey will be emailed in two tranches between 11 and 21 October.
The latest survey follows on from the FCA’s Covid-19 Impact Survey, which was first sent firms in 2020. The FCA has since repeated the survey five times since and says it expects to repeat the survey again in the future.
The survey is part of a strategy to keep a closer eye on how regulated firms are faring during times of financial stress.
In a message to regulated firms the FCA said: “We will use the data that you provide, alongside existing data, to support our ongoing work.”
The survey will be sent from either This email address is being protected from spambots. You need JavaScript enabled to view it. or an @fca.org.uk email address. Firms have been warned to be wary of any scam or phishing emails from other addresses.
