FCA resumes surveying LLMI firms’ financial resilience in June
The Financial Conduct Authority (FCA) is to repeat its Financial Resilience Survey (formerly the Covid-19 Impact Survey) for the seventh time sending it to Tranche 2 firms (which include Lloyd’s & London Market Insurance Intermediaries (LMII)) during June 2022.
The FCA is planning to send the survey to the relevant firms in Tranche 2 on one of the following dates:
Batch 1: to be sent on 20 June 2022 – response due by 11 July 2022
Batch 2: to be sent on 21 June 2022 – response due by 12 July 2022
Batch 3: to be sent on 22 June 2022 – response due by 13 July 2022
Batch 4: to be sent on 24 June 2022 – response due by 15 July 2022
Firms will be sent a warm-up/introduction email at least one week prior to them receiving the survey.
The FCA has updated the title of this data collection survey to more accurately reflect its purpose of giving the regulator baseline financial resilience information about the firms it supervises. It has also taken the opportunity to simplify the format of the survey to make for easier completion, so members should be aware that the form will look a little different. However, the information that the regulator is asking firms to provide remains the same.
This survey will include nine 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
Firms will be emailed a link to complete the survey online (not through RegData). The link that the FCA sends will be unique to each firm. If firms need a different individual within their organisation (or a consultant) to answer and submit the survey, the link can be forwarded to the required person.
Members are reminded that completion of the survey is mandatory. The FCA reiterated that it would take follow-up action with firms that had not responded.
The regulator said the survey had been designed to be easy to complete even via a mobile phone and it expects that most firms will not need more than an hour to complete it. However, if due to exceptional circumstances a firm cannot access its financial information, they will need to ensure that they complete the questions where the relevant information is available.
The FCA has asked firms that when they receive the survey that they check it is from either FCA@fcanewsletters.org.uk or an @fca.org.uk email address.
BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk quoting their membership number.
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