Consultation opens
03/10/2022
Consultation closes
02/12/2022
Policy Statement
02/05/2023
02/05/2023
Give your views on our proposals to introduce a new financial resilience regulatory return for solo-regulated firms.
We are replacing the FCA Financial Resilience Survey with a new financial resilience regulatory return. This will be referred to as ‘FIN073 – Baseline Financial Resilience Report’.
This Policy Statement applies to all FCA regulated firms except:
The changes also apply to:
Firms that will be brought into scope of FIN073 will need to be prepared to submit the return when it is due, from January 2024. Firms will receive an automated reminder via RegData when the return is available for submission.
We are also consulting simultaneously on changing the scope of FIN073 to include full permission consumer credit firms. These firms are currently excluded from the rules considering that they are captured under the definition of Credit Brokers.
We will publish our final position in relation to the scope in Summer 2023, following the closure of CP23/9 in June 2023.
High quality baseline financial resilience data is essential in helping us to understand the risk of firm failure and risks across the financial services sector. It improves our ability to protect consumers and ensure market integrity. And ultimately, it helps reduce harm from firm failure.
However, the current approach of collecting the data through ad hoc surveys places significant administrative burden on firms. So, we are proposing to rationalise and standardise this data collection in the form of a regulatory return.