The Financial Resilience Survey data

Firm and market data Published: 04/04/2024 Last updated: 04/04/2024

This page presents the results of the final Financial Resilience Survey (the survey) issued in October 2023.

Over the last 3 years, we have collected financial resilience data from approximately 23,000 regulated firms. This has helped develop our understanding of financial resilience. It provides insight into the impact of recent crises, ranging from the Covid-19 pandemic to cost-of-living pressures. Financial resilience is measured by assessing whether a firm holds enough resources to meet their ongoing obligations. It also takes into account whether they could ensure orderly wind down, should that be required.

Using this data has helped us respond to risks faster. We have identified and addressed concerns in hundreds of firms.

From 1 January 2024, this survey was replaced with the new financial resilience regulatory return FIN073.

1. Managing firm failure

We are the prudential regulator for around 43,000 solo-regulated firms. In line with our statutory consumer protection and market integrity objectives and our competition duty, we aim to reduce harm from failing firms. We recognise that some firms will fail. Orderly entry and exit is part of a well-functioning market. But disorderly failures can harm consumers, the effectiveness of markets, and overall confidence in the UK’s financial system. Where firms are failing, we want to help them minimise harm to consumers and disruption to markets.

We committed to reducing harm from firm failure in our business plan. Our 2022/23 annual report details progress against this commitment and provides the latest data against our outcomes and metrics. This includes monitoring the extent of firm failures over the period (metric CC02-M02), and the proportion of firms identified as having weak financial resilience in the 12 months before insolvency (metric PFF3-M01).

We aim to give consumers clear information about what action to take if a firm fails, including accessing the Financial Services Compensation Scheme (FSCS) where relevant. Our supervisory work is focused on firms we assess as having both the weakest financial resilience and greatest potential harm in failure.

This includes making sure that:

  • firms are properly safekeeping client assets and money to minimise the risk of loss or diminution
  • firms have sufficient financial resources and a plan in place to wind down in an orderly way
  • if required, firms increase capital or liquidity to better withstand economic stresses

Monitoring firms’ financial resilience

We have been monitoring the financial resilience of FCA solo-regulated firms through 4 main sources:

  1. existing regulatory return data
  2. enhanced data purchased from a third-party provider
  3. in-depth analysis of liquidity for the most significant firms
  4. our Financial Resilience Survey (published on this page)

Our financial data coverage of solo-regulated firms has improved over the last 3 years. Our regulatory return dataset now includes data from the Investment Firms Prudential Regime (IFPR) that came into force on 1 January 2022.

2. About the data

The survey has been issued 11 times and this publication focuses on the most recent and final phase of the survey. The survey was issued to firms for which we have prudential responsibility.

Financial Resilience Regulatory Return (FIN073)

FIN073 aims to improve the quality and consistency of financial data from firms, focusing on collecting only the most critical information for our supervisory assessments. We will be able to continue to collect financial resilience information on liquidity, income, and net asset position, whilst reducing firm burden. By adding this data into RegData, the FCA’s platform for regulatory data, we aim to ease the administrative and financial burdens associated with ad hoc surveys.

Survey results

We group firms into 8 market categories:

  1. Buy-side
  2. Consumer finance
  3. Consumer investments
  4. Infrastructure & exchanges
  5. Insurance (intermediaries & brokers)
  6. Payments & digital assets
  7. Non-bank lenders & administrators
  8. Sell-side

The table below lists the types of firms within each of these categories. We have aggregated the survey results for each question by market category so that no individual firm can be identified.

Note: Since our January 2021 publication, we have changed the titles of 2 markets: Insurance to Insurance (intermediaries & brokers) and Retail banking to Non-bank lenders & administrators to accurately reflect the business models in scope. Dual-regulated firms in these markets were excluded from the survey.

As of 20 November 2023, we have received nearly 14,000 responses from firms. Below is the number of respondents per market for Phase 11, along with a description of the types of firms included within each market:


Number of respondents

Types of firms

Consumer investments


Advisors and intermediaries

Crowdfunders (investment)

Peer-to-peer lending platforms


SIPP operators

Wealth management

Consumer finance


Claims management firms

Credit reference agencies and providers of credit information services

Debt advice firms

Debt purchasers, debt collectors and debt administrators

High-cost lenders

Mainstream consumer credit lenders

Mortgage intermediaries

Motor finance providers

Retail finance providers

Insurance (intermediaries & brokers)


Lloyd’s and London market intermediaries (incl. managing general agents)

Personal and commercial lines insurance intermediaries

Price comparison websites




Asset management firms

Custody and fund services

Payments & digital assets


E-money issuers

Payments firms

Infrastructure & exchanges



Corporate finance firms


Multilateral trading facilities and organised trading facilities



Contracts for difference (CFD) providers

Principal trading firms

Wholesale brokers

Wholesale banks

Wholesale (other)

Non-bank lenders & administrators


Lifetime mortgage providers

Mortgage third party administrators

Non-bank lenders


Considerations when reviewing the survey results

We asked firms 9 questions. Some questions have multiple parts. In total, there are 19 individual data points collected from the survey, including optional questions.

Some questions have been redacted from the publication. This is due to a small number of firm responses (including questions that are market specific). See ‘Redacted questions’.

The most recent phase of the survey was conducted across 2 tranches in October 2023. Where applicable, we have used the median to aggregate data by market, representing the middle value of the firm range within each market.

We believe the median effectively reflects the typical firm in each market without being influenced by extreme outliers. But it is important to note that distributions around the median can vary significantly across markets. We have kept all data points in our analysis, ensuring that the information used is exactly as submitted by firms.

Note: Where there is an even number of data points, the median is given to be the average of the 2 middle points, in line with standard practice.

Chart tips: Please hover over the data series to view the data values and filter the data categories by clicking on the legend.

3. Results

Question 1: What is the total amount of liquidity resources that you control or have unrestricted access to? (GBP)


Data table


We asked firms to report their level of liquidity resources as of 29 September 2023. For this question, we defined liquidity as cash, committed facilities and other high-quality liquid assets (HQLA). Figure 1 shows the median liquidity per market. While liquidity resources may indicate the level of financial resilience, these should be considered in conjunction with the liquidity needs. The data shows that the Sell-side market reported the highest median levels of liquid resources at around £2.2m, almost twice that of the next highest market, Buy-side, at around £1.1m. Consumer finance firms reported the overall lowest median levels of liquid resources, at around £73,000.

Question 2: What are your estimated cash needs and expected cash inflows?


Data table


We asked firms to provide us with their expected cash inflows and estimated cash needs (defined as including fixed costs and known variable costs) between 1 October 2023 and 29 December 2023. Figure 2 shows these inflows and estimated cash needs (or outflows). The cash figures presented are based on forward-looking estimates for a 3-month period. Buy-side firms had the greatest median expected cash inflows at around £711,000 and median estimated cash needs of around £526,000. Consumer finance firms had the lowest median expected cash inflows of around £50,000, and median estimated cash needs of around £33,000.


Data table


Figure 3 shows the difference between median cash inflows and cash outflows across different markets. This margin, along with the level of liquidity resources, can provide an indication of a firm’s ability to meet its short-term costs. A marked excess of inflows over outflows may position firms to manage unforeseen cash outflows more effectively. Buy-side firms reported the greatest difference between cash inflows and outflows, at around £185,000. Consumer finance firms had the narrowest margin at around £17,000.

Question 2a: Of the ‘Cash needs’ value provided in Question 2, what are your estimated cash needs to cover your fixed costs?


Data table


Question 2a provides a view of the minimum cash required for a firm to cover short-term costs. Figure 4 shows the difference between the median cash inflows and fixed-costs outflows by market.

The data shows that Buy-side firms reported the greatest difference at around £333,000. Non-bank lenders & administrators had the narrowest margin at around £22,000.

Question 2b: Of the ‘Expected cash inflows’ value provided in question 2, how much was contractually committed?


Data table


We asked firms to provide a view of their cash inflows which were contractually committed as of 1 October 2023. Figure 5 displays the data, comparing the median contractually committed inflows to the median expected cash inflows.

The data highlights large variations across markets. Buy-side firms reported the highest median contractual inflows at around £500,000, more than double the figure for Infrastructure & exchanges, which is at around £218,000. But when viewed as a percentage of median inflows, Infrastructure & exchanges leads at 72.7%, with Buy-side closely trailing at 70.3%. In contrast, Payment & digital assets and Sell-side firms reported the smallest proportion of contractually committed inflows, constituting 4.9% and 5.8% of their median inflows, respectively.

Question 3: Has your firm negotiated any extensions with creditors/delayed payments?


Data table


Figure 6 shows under 1% of respondents engaged in such negotiations. It also shows that less than 3% of firms in any market negotiated extensions or delayed payments.

The data shows that Payment & digital assets had the highest proportion of firms negotiating extensions with creditors/delayed payments at around 2.8%, followed by Consumer finance at around 1.4%.

Question 4: What was your net profit or loss in the given period?


Data table



Data table


We asked firms for their profit or loss for the 3 months ending 29 September 2023. Figures 7 and 8 provide a summary of the responses, categorising firms as profitable, unprofitable, or non-responsive. The data shows that almost 80% of respondents were profitable. It is important to note that this assessment only covers a 3-month period which could influence the profitability of certain businesses due to seasonal factors.

Figure 8 shows that Non-bank lenders & administrators had the highest proportion of unprofitable firms at 44%. But it is important to note that this market has a small number of firms. For the 3 largest markets (Consumer finance; Consumer investments; Insurance intermediaries & brokers), the average proportion of unprofitable firms was under 20%.

Question 5: Have you had, or are you expecting, a decrease in profits/increase in losses?


Data table


Figure 9 shows that under 20% of firms indicated an expectation of reduced profits. The Non-bank lenders & administrators and Consumer finance markets reported the highest proportion of firms anticipating a reduction in profits, each around 30%. In contrast, the Insurance (intermediaries & brokers) and Sell-side markets reported the lowest proportion of firms expecting a decrease in profits, each below 15%.

Question 5a: Please provide an estimate for the percentage decrease in profits/increase in losses over the next 3 months.


Data table


Figure 10 shows that just over 80% of firms who answered this question anticipated either no further decreases or a reduction in profits of up to 25%. A smaller fraction, just 6.4% of firms, expected a significant drop in profits, exceeding 75%. The Non-bank lenders & administrators market reported the highest proportion of firms, at 20%, expecting this substantial decrease in profits.

Question 6: What impact is the current macroeconomic environment having on your business model?


Data table


We asked firms to estimate the impact of the macroeconomic environment on their business models as of October 2023. While interpretations of ‘positive’, ‘neutral’ and ‘negative’ impacts are subjective, the responses can provide a sense of market sentiment. Figure 11 shows that under a quarter of the respondents consider that macroeconomic environment negatively impacted their business model while 72.4% reported a neutral impact. The Non-bank lenders & administrators market reported the highest aggregate negative impact at 43%.

Question 8: What was your revenue in the last financial year?


Data table


We asked firms for their most recent revenue, regardless of whether they have been audited. Figure 12 presents the median figures for each market. But it is important to recognise that while revenue can be an indicator of size it does not, on its own, provide adequate information about the level of financial resilience. Figure 12 shows that Buy-side firms reported the highest median revenue, at just under £3m. Consumer finance firms reported the lowest median revenue at around £234k.

Question 9: Have you received support under a government-backed loan scheme?


Data table


Significant reliance on government-backed loan schemes may indicate weak financial resilience, highlighting potential challenges in a firm’s ability to meet short-term liabilities using its own cash flows.

Figure 13 shows that 17.9% of surveyed firms have received government support. Consumer finance has the highest proportion of firms receiving support at 26.9% followed by Insurance (intermediaries & brokers) and Consumer investments with 21% and 17.8% respectively. These 3 markets collectively account for the majority of firms that received support under a government-backed loan scheme.

Redacted questions

Some questions have been redacted from the publication. This is due to a small number of firm responses (including questions that are market specific). The redacted questions are:

  • 3a: By what amount has this reduced your cash needs figure (as given in Question 2) over the period between [1 October 2023 and 29 December 2023]?
  • 6a: How long do you expect to remain in business?
  • 7: Please provide the level of your safeguarded money/client money as at [29 September 2023]. (GBP)
  • 9a: Amount of support received (GBP)