In early October the FCA announced a consultation paper (CP22/19) to replace the current Financial Resilience Survey (formerly “Covid-19 Impact Survey") with a regulatory return for solo-regulated firms. The new return will be referred to as ‘FIN073 - Baseline Financial Resilience Report’.
The FCA hope the introduction of new return will increase the quality and consistency of financial resilience data that they receive. The data is used to understand the risk of firm failure and risks across the financial services sector, which in turn improves the ability to protect consumers whilst also maintaining market integrity.
Furthermore, the regulator recognises the current means of collecting data via ad hoc surveys places both an administrative and financial burden on firms.
The proposed return will require firms to submit data every quarter using RegData, the FCA’s data collection platform for gathering regulatory data from firms.
The deadline for responding to the consultation paper is Friday 2 December 2022.
Read the full consultation paper here