Consultation opens
02/05/2023
Consultation closed
06/06/2023
06/06/2023
CP23/9 – Changing the scope of the baseline financial resilience regulatory return
We’re consulting on changes to the scope of firms that provide us with baseline financial resilience data to include all full permission consumer credit firms.
Why we are consulting
In May 2023, we published our final rules in relation to a new baseline financial resilience return, FIN073.
We’re proposing to change the scope of firms required to provide us with baseline financial resilience data to exclude firms with limited permission. This would bring all full permission consumer credit firms in scope of the return.
We’re consulting on this change to give the firms affected an opportunity to provide feedback. If you’ve already provided feedback on CP22/19, we don’t expect you to review or provide additional feedback on this consultation paper, unless you have comments about the proposed changes.
Who this is for
- full permission consumer credit firms
- trade associations
Next steps
This consultation has now closed. We will consider feedback received and will publish our final position in relation to the scope in Summer 2023.
Background
In May 2023, we set out our final rules in relation to a new financial resilience regulatory return for solo-regulated firms (FIN073).
The new return replaces the Financial Resilience Survey (FRS), formerly the Covid-19 Impact Survey, which collected data through ad hoc surveys.
The data from FIN073 will be essential in helping us to understand the risks and reduce the harm of firm failure.