Covid-19 fallout could cripple up to 4000 UK financial firms, British regulator warns
The Financial Conduct Authority (FCA) has warned that up to 4,000 financial firms in the UK are at "heightened risk of failure" due to the impact that the Covid-19 pandemic has had on the country's economy.
The FCA conducted the survey as part of its monitoring of the effects of the situation in the UK, which saw the nation experience its worst economic downturn in 300 years. The survey of 23,000 firms identified that 30%, mainly small and medium sized firms, have the potential to cause harm in failure due to their low economic resilience.
If they manage to survive the pandemic, the FCA expressed hope that they expect the same companies to bolster their resilience when economic conditions improve.
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