FCA compulsory COVID-19 impact survey

Regulatory Updates | 08/01/21

The FCA issued the first phase of the Covid-19 Impact Survey in June. 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.

The FCA are now repeating this survey for a third time. Completion of the survey is compulsory. The FCA may exercise their powers under FSMA for firms who do not respond.

Firms will be emailed a link to complete the survey online (not through Gabriel). It is designed to be easy to complete even via a mobile phone. It should not take most firms more than an hour to complete.

The relevant firms in Tranche 1 will receive the survey on the following dates:

Batch 1: to be sent on 13 January 2021 – response due by 3 February 2021
Batch 2: to be sent on 14 January 2021 – response due by 4 February 2021
Batch 3: to be sent on 15 January 2021 – response due by 5 February 2021
Batch 4: to be sent on 19 January 2021 – response due by 9 February 2021

This survey will include ten questions in total, designed to give information about the following important areas:

• Liquidity/ cash availability and needs
• Recent financial performance
• Scale of business activity
• Access to government schemes

The FCA are seeking to understand the effect Covid-19 is having on the finances of the firms they regulate and to better guide their supervisory actions.