Financial services firms at risk of failure due to pandemic

Posted On: Jan. 13, 2021 9:14 AM CST

A COVID-19 resilience survey by the Financial Conduct Authority has found 4,000 financial services firms in the U.K. with poor financial resilience and at increased risk of failure, Reinsurance News reported. Keith Richards, chief membership officer of U.K.-based Chartered Insurance Institute, expressed concern over the industry’s lack of a proactive plan to help lessen possible failures during these tough times.