LONDON (Reuters) – Round 4,000 monetary corporations in Britain have been at “heightened danger” of collapsing attributable to fallout from the pandemic, the Monetary Conduct Authority stated on Thursday.
The FCA surveyed 23,000 monetary corporations to examine on their resilience to COVID-19, which final 12 months triggered Britain’s worst financial downturn in 300 years.
“At finish of October we’ve recognized there are 4,000 monetary providers corporations with low monetary resilience and at heightened danger of failure,” stated Sheldon Mills, the FCA’s government director of shoppers and competitors.
“These are predominantly small and medium sized corporations and roughly 30% have the potential to trigger hurt in failure.”
Reporting by Huw Jones, enhancing by Sinead Cruise