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Consumer finances at risk as 4,000 City firms face collapse in Covid crisis

FCA poll of 23,000 firms expects many failures from first wave of outbreak of virus unless UK economy recovers

About 4,000 City firms are at a heightened risk of failure due to the Covid crisis, and nearly a third of those businesses could potentially harm consumers if they collapsed, the financial watchdog has warned.

A Financial Conduct Authority survey designed to gauge the financial resilience of nearly 23,000 regulated firms showed that the the financial stresses caused by the first wave of the outbreak may cause “significant numbers of firms to fail over the next 12 months”, unless the UK economy starts to recover.

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