Changing The Scope Of The Financial Resilience Regulatory Return
What has happened?
In May 2023, the FCA announced that it is consulting on changes to the scope of firms that provide baseline financial resilience data to it, which will in future include all full permission consumer credit firms.
What are the key points?
In May 2023, the FCA published its final rules in relation to a new baseline financial resilience return for solo-regulated firms, FIN073. This new return replaces the Financial Resilience Survey (FRS), formerly the Covid-19 Impact Survey, which collected data through ad hoc surveys.
The FCA is proposing to change the scope of firms required to provide baseline financial resilience data to exclude firms with limited permission. This would bring all full permission consumer credit firms within the scope of the return.
The FCA is asking for comments on these proposals by 6 June 2023. Following this consultation, a statement will be published in the summer of 2023.
How can we help you?
Thistle Initiatives has supported firms for over 10 years as a trusted compliance and regulatory advisor. In addition to assisting you as and when, our team of specialists can serve as your right hand in a meeting and complying with regulations. We understand the importance of staying up-to-date and compliant and are dedicated to providing the guidance and support needed to do so.
Are you looking for help with your FCA financial resilience returns, or more general regulatory questions? Contact our specialist team now to schedule a free consultation. Get in touch with us by calling 020 7436 0630 or sending an email to info@thistleinitiatives.co.uk.