Regulatory Alerts2023-06-06
Added · Updated
CP23/9 – Changing the scope of the baseline financial resilience regulatory return
The Financial Conduct Authority proposes to amend the scope of the baseline financial resilience regulatory return (FIN073) by replacing the exclusion for "a credit broker" with an exclusion for "a firm with limited permission." This change would require all full permission consumer credit firms to submit FIN073 data, while approximately 23,000 limited permission consumer credit firms would remain outside the scope. The proposed reporting obligation requires firms to provide baseline financial resilience data, including average monthly cash needs and last financial year revenue, within 20 business days of the firm’s accounting reference date via the RegData system. The consultation seeks feedback on this scope change and its associated cost-benefit analysis by 6 June 2023.
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