By Liam Edwards

On 3 October 2022, the FCA announced a consultation on the introduction of a new financial resilience regulatory return for solo-regulated firms. The FCA’s webpage on this consultation is available here, with the full consultation document available here.

The FCA is proposing to replace the existing FCA Financial Resilience Survey with a regulatory return which is hoped to reduce the administrative and financial burden of the existing approach whilst increasing the quality of data that the FCA receives. This return will be referred to as FIN073, and will require firms to submit information on their net profit / loss in the previous quarter, their revenue in the previous fiscal year, and the quantity of liquid assets within their control.

This consultation is relevant to all FCA regulated firms, except for:

  • credit brokers;
  • MIFIDPRU investment firms;
  • not-for-profit debt advice bodies;
  • PRA-authorised persons;
  • supervised run-off firms; and
  • Temporary Permission firms.

The deadline for responding to the consultation paper is Friday 2 December 2022. Responses can be submitted using the FCA’s online response form.

The FCA expects to publish its policy statement and final rules following this consultation in Spring 2023, with FIN073 projected to launch later in 2023.

For further UK financial services regulatory updates, please visit the Burges Salmon blog.