Some 4,000 regulated firms are at risk of failure due to the ongoing coronavirus pandemic and a third of those have the potential to cause harm if they go under, according to the financial regulator.
The statistics come from the Financial Conduct Authority's (FCA) coronavirus (Covid-19) financial resilience survey results published today. The surveys were sent to 23,000 solo-regulated firms to inform the FCA of the impact of coronavirus on firms' financial resilience. Executive director of consumers and competition Sheldon Mills said: "We are in an unprecedented - and rapidly evolving - situation. This survey is one of the ways we are continuing to monitor the potential impact of coronavirus on firms. A market downturn driven by the pandemic risks significant numbers of firms fail...
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