August 18, 2021

Article

It isn’t just the 5 KLOEs: Michelle Ferris, Head of Charities and Care, outlines the financial considerations the Care Quality Commission takes into account when new providers are applying to be registered.

Since 2018, Regulation 13 of the CQC (Registration) Regulations 2009 requires new care providers to submit an assessment of financial viability when applying to the CQC for registration.

This involves providing assurance of the provider’s financial position in a statement letter from a financial specialist, who must be either an accountant or a bank or financial services firm regulated by the Financial Conduct Authority (FCA). The CQC provide a template for completion by the individual or the firm.

The form requires the individual signing it off to either confirm that the applicant has sufficient financial resources needed to provide and continue to provide the services as described in their statement of purpose, or that the applicant hasn’t provided sufficient information for such a statement to be confirmed.

Whilst this is a reasonably straightforward statement, it is interpreted by many people in different ways. Generally when signing off a stable financial viability I would look to receive confirmation that the applicant has thought about their sources of income and likely costs, and has the ability to do what they have set out to do, with the right means.

For many, this can have additional benefit as it can provide a sense check as to the potential viability of their proposed endeavour. I would encourage it to be looked on in this sense, rather than a ‘tick box’ to be completed. If you need a statement of financial viability completing, please get in contact:

michelle.ferris@albertgoodman.co.uk or telephone 01823 286096.

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