CP23/9 – Changing the scope of the baseline financial resilience regulatory return

Following the publication of a final policy statement (PS23/3) as regards the introduction of a new regulatory return, the so-called FIN073, which will be used to measure and monitor the resilience of all supervised solo regulated firms by collecting information on the amount of liquid assets, net profits (or losses) during a quarter, cash needs, and revenues on a quarterly basis beginning January 1, 2024, the FCA has also launched a new consultation (CP23/9) in this context.
Specifically, pursuant to the new policy statement (please see EventID 20905 in this context), credit brokers, investment firms subject to MIFIDPRU, not-for-profit debt advice bodies, PRA-authorized persons, supervised run-offs, and temporary permission firms are excluded from the requirement to file FIN073. The FCA proposes to remove from the exclusion credit brokers with full permission to bring them under the remit of the filing requirement. The FCA notes that this step is necessary to bring those firm under the umbrella of the new filing requirement that pose the most risk to consumers and the financial market as a whole.