The chief executive of the Personal Finance Society (PFS) has said that a survey of UK advice firms on financial resilience will help assess the status of the sector.
This comes after the Financial Conduct Authority (FCA) said it will send a mandatory survey to 13,000 regulated firms on 4 June to look at the impact of covid-19.
Keith Richards, PFS chief executive, said: “The feedback will help ensure the regulator focusses on the right next steps to ensure the public can access suitable, affordable financial advice as well as not over burdening the sector on matters that add little tangible client value or support.
“Whilst this data will help to assess the status of the sector, we also want the profession’s voice to be heard and encourage them to share the challenges being faced to help influence regulatory decision making and focus, especially issues such as accessing affordable, comprehensive professional indemnity insurance and addressing other cost concerns that cause problems with best serving the public.
“The PFS has been engaged with the FCA every week during the lockdown and much of our member feedback has helped to influence some of the pragmatic approach’s the regulator has taken regarding the relaxation of certain rules and deadlines, demonstrating the benefit of closer engagement.”
The survey will reportedly include financial advisers, wealth managers, platforms and personal and commercial insurance intermediaries.
The survey will be sent to firms by the FCA between 4 – 8 June 2020.
There will be around 10 questions that require a detailed response in the following areas:
– Liquidity/cash availability and needs;
– Recent financial performance;
– Scale of business activity; and
– Access to government schemes.
International Adviser has been trying to assess the financial damage and impact of covid-19 on the advice sector with its last few UK regional pieces.
The last two were entitled how can advice firms stay afloat during covid-19 pandemic and how has covid-19 changed the UK life and pensions market.