The FCA have formalised the COVID resilience survey in to a RegData submission FIN073 Baseline Financial Resilience Report – required quarterly.

Firms that will be brought into scope of FIN073 – which is most firms with a few exceptions – will need to be prepared to submit the return when it is due, from January 2024. Firms will receive an automated reminder via RegData when the return is available for submission. 

The submission requires only 5 figures, but the deadline is 20 business days after the reporting date.

You will need to be up to date with your bookkeeping to meet the deadline and to avoid being fined.

Data items that the FCA are requiring from you: –

1. Total amount of liquid assets that you control or have unrestricted access to

• Average monthly cash needs arising from fixed costs

• Net profit or loss in the last quarter

• Revenue for the financial year to date

• Net asset or liability position

At MyRegData, we are enhancing the software to include a report to assist with 4 out of 5 of the numbers above – we cannot automate inclusion of item 2, however the software will explain what you will need to do to obtain the required number and provide somewhere to enter it for filing purposes.

Even without our report the numbers are easily determined from Profit & Loss and Balance Sheet Reports The FCA notes indicate that they expect the effect of Corporation Tax to be taken in to account also.

Reporting considerations

As mentioned, the FCA have now moved this report into RegData so the FCA will send a reminder to you, meaning you will need to login to RegData to check when you need to file.

The report will be quarterly based on your year end, and you only have 20 business days in which to file the required information, otherwise fines will be applied.

Benefits of using software to better meet your compliance obligations

When the FCA announced the move from Gabriel to RegData, one of the reasons they gave for doing so was to provide them with a more flexible system.

This new reporting requirement being added to RegData is a good example of the flexibility they are referring to as this was not possible under the Gabriel regime.

It is likely more such additions will be made to RegData, which reinforces the need to consider systemising your RegData filing through a software solution such as MyRegData.

For a no obligation online tour of MyRegData, please call 0161 413 5070 or email mail@myregdata.co.uk