Over 66% of CISI members believe it will take 12+ months or more for their business and the economy to recover from Covid-19 disruption.

Only 6% expect recovery to take three months or less.

Some 42% also said they were “unsure” as to whether their business would survive six months of Covid-19 disruption.

In addition, only 25% of CISI members, who include several thousand Financial Planners, expect to return to their offices for the same number of working days as before the Covid-19 pandemic.

The professional body surveyed 2,700 people working in financial services, including members, in two polls carried out between March and July.

During 24 March – 6 July the CISI undertook a survey of the wider financial services profession, attracting over 700 responses.

The CISI, which has 44,000 members around the world, asked the question: “Do you think your business will survive six months of Covid-19 disruption?”, 42% indicated they were unsure as to whether their business would survive. Only 7% said “No” with 35% being “Unsure”.

Simon Culhane, Chartered FCSI, CISI chief executive, said: “These are truly challenging times for financial services business owners, firms and individuals working in our profession globally. Many firms have had an epiphany, including ourselves, as to the ease and benefits of working from home.

“Businesses are now re-evaluating what is the purpose of an office, with many focussing on using them primarily for creativity, collaboration and communication rather than a de facto place for work.”