Some 4,000 regulated firms are at risk of failure due to the ongoing coronavirus pandemic and a third of those have the potential to cause harm if they go under, according to the Financial Conduct Authority (FCA).
The statistics come from the regulator's coronavirus financial resilience survey results published today. The surveys were sent to 23,000 solo-regulated firms to inform the FCA of the impact of coronavirus on firms' financial resilience. Executive director of consumers and competition Sheldon Mills said: "We are in an unprecedented - and rapidly evolving - situation. This survey is one of the ways we are continuing to monitor the potential impact of coronavirus on firms. A market downturn driven by the pandemic risks significant numbers of firms failing. "At end of October, we've i...
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