FCA to send fifth coronavirus resilience survey to advisers

    Sophie King reports

    The Financial Conduct Authority (FCA) has told advisers it will be sending them yet another financial resilience survey.

    The latest survey will be the regulator’s fifth coronavirus-related form it has sent to advisers to help the watchdog obtain an “accurate view” of firms’ financial resilience to the pandemic. 

    Advisers can expect to receive the mandatory survey between 2 and 4 August and responses must be submitted within 15 days of receipt.

    “We will use the data provided, alongside existing data, to support our ongoing work. We expect to repeat this survey in the future,” the FCA said.

    Professional Adviser asked the FCA what this fifth survey would ask, but was told that information could not be revealed. 

    Advisers received their fourth survey in April, which was sent to around 23,000 firms. 

    The third survey was sent in January to advisers to gauge how businesses are faring during the ongoing pandemic and latest national lockdown. That survey probed firms’ ongoing business models and includes a question on what impact Covid-19 is having on firms prospects. Respondents were presented with several options.

    Many advisers vented their frustration at the number of surveys the regulator had sent them. At the time of the fourth survey, Santorini Financial Planning managing director Matthew Walne, who received the email, said it was his fourth survey and was among other regulatory submissions he had to make that month.

    “I’m not sure what they [the FCA] do with the data if anything. My business hasn’t been adversely affected at all by Covid-19, if anything it’s improved in the last year.

    “The biggest impact on my business from Covid-19 has been all the time spent filling in Covid impact surveys for the FCA,” he said.