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About 4,000 UK financial companies may go bankrupt due to coronavirus

Europe / Business and Finance

The UK regulator has said that its task is not to prevent bankruptcy, but to ensure these processes so that bank depositors do not suffer.

About 4,000 UK financial companies may go bankrupt due to coronavirus

The UK Financial Conduct Authority has warned that up to 4,000 financial companies in the country are at increased risk of bankruptcy due to the coronavirus pandemic, and almost a third of these “low resilience” businesses could close at a loss to their consumers. services. More on this on Thursday writes the Financial Times.

In an industry-wide review of the impact of Covid-19, the regulator said that groups in insurance, payments and e-money, and investment management are facing a reduction in cash, loans and liquid assets.

Of the 23,000 companies surveyed, six in 10 said they expect the coronavirus crisis to negatively impact their bottom line. Most were expecting a 1 to 25 percent cut, but nearly 700 companies said revenue would fall more than three quarters.

The regulator has stated that its role is not to prevent company bankruptcies, but to ensure that those who leave the business do so in an orderly manner.

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