Pandemic has raised risks for smaller UK financial firms – FCA


The UK’s Financial Conduct Authority warned that up to 4,000 financial firms are at a “heightened risk of failure” due to the Covid-19 pandemic.

“A market downturn driven by the pandemic risks significant numbers of firms failing,” said Sheldon Mills, FCA executive director for consumers, in a statement today (January 7). The number of firms facing heightened risks make up over a fifth of the 19,000 firms surveyed by FCA on the impact of the pandemic.

Mills said the majority of businesses at

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