FCA to send out second mandatory Covid-19 survey to advisers

In an email sent on Monday (14 September) and seen by Professional Adviser, the regulator told advisers they would receive the survey on either the 16, 17, 18 or 22 September and their response must be submitted within 10 working days from receiving it.

All relevant firms in the FCA's portfolios will be sent the survey with a small number of exceptions for reasons, such as where firms have provided related information to the financial watchdog as part of another data collection exercise.  

This survey will be the fifth one sent to advisers by the FCA. The others included one on defined benefit transfers and two on retail mediation activities return online system Gabriel. 

In June, advisers were probed on the impact of the pandemic on their businesses including what the greatest impacts were for consumers. Some 13,000 regulated firms from 15 portfolios, including advisers and wealth managers, were issued with the ‘financial resilience' survey, which arrived via email.

However, advisers described the first survey as a "waste of time" and resources. At the time, Informed Choice executive director and Chartered financial planner Nick Bamford said: "I could rewrite this in two questions - how much cash have you got and can you continue to deliver a service to your clients. End of story. I think it's a waste of time." 

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• Nick Bamford