FCA to survey smaller brokers to determine Covid-19 business impact
The Financial Conduct Authority (FCA) is seeking to understand the impact of the Coronavirus (Covid-19) on small brokers by asking them to participate in an online questionnaire which it plans to launch shortly.
The FCA will be sending out a pilot email and letter signed by Matt Brewis, its Director of General Insurance and Conduct Specialists, to a sample of 300 small brokers inviting them to take part in the short survey. Members will be able to complete the survey by clicking on a link in the letter should they receive one.
There will be 12 questions in all for firms to respond to which will seek information about whether they are applying for government loans, furloughing staff, markets and products, cashflow, fixed costs, and who their accountants and auditors are.
There will also be an explanatory/Q&A document that brokers will be able to access that gives guidance on the questions, includes definitions etc, to help brokers understand what the FCA is looking for.
Participation in the questionnaire is not compulsory (the FCA will not be using their Section 165 powers to insist on its completion), but the FCA has said to BIBA that it would be grateful if members could fill in the questionnaire should they receive the email.
Authored by BIBA
About BIBA
The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.