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FCA Regulatory Reporting

FCA Regulatory Reporting

Once authorised by the Financial Conduct Authority (“FCA”), each firm must adhere to regulatory reporting requirements. This means that different firms must periodically submit data to the FCA for varying purposes, at different frequencies and in a variety of ways.

Purpose of Reporting

There are several reasons for which firms must complete regulatory reporting. This includes confirming or updating firm and individual information, or by supplying performance-based data, enabling the FCA to monitor a firm’s activities and compliance with Threshold Conditions.

Examples of these requirements are as follows:

Directory Persons Reporting

As a result of the Senior Managers & Certification Regime, firms must periodically submit and keep up to date information for Certified staff, non-SMF directors and Appointed Representatives, where applicable. This also applies to sole traders in certain instances. This information will be made publicly accessible enabling consumers and professionals to check the details for key individuals working in financial services.  This is separate to the FCA Register, which includes key details for the firm and its SMFs.

Firm Attestations

Firms must also periodically submit a Firm Attestation to amend or confirm the accuracy of firm information, e.g. complaint handler information, firm contact and address information.  This will occur annually (within 60 days of a firm’s accounting reference date) or where a change has occurred that requires an update.

RegData Returns or Electronic Reporting

For some firms e.g consumer credit firms and insurance intermediaries, this reporting requirement was completed using the FCA’s Gathering Better Data ELectronically (GABRIEL) platform. This has since been replaced by the new platform Regulatory Data (RegData or RD). For other firms, such as claims management companies or payment services firms, RegData does not apply. These firms must instead submit certain information independently of the RD Platform.

These reports typically concern complaints data, financial data, product data and conduct data.

Purpose of Reporting

Purposes for reporting vary upon the context of the return that is required. In some cases, it is a matter of ensuring firm and employee information is kept up-to-date or by suppling the FCA with information relevant to the performance of the firm.

Failure to Complete Reporting

If a firm does not submit data as and when required, the FCA may levy a monetary fine of £250 or take further enforcement action where repeated failures occur. The FCA may revoke a firm’s permission to engage in regulated activity.

How Can Scott Robert Help?

Scott Robert have assisted many firms in uploading and reporting their regulatory data. Keeping on top of FCA regulatory reporting can be difficult and time consuming at the best of times. We offer a range of reporting services for regulated firms including:

Identifying a firm’s reporting requirements and to what extent they apply

  1. Identify and provide guidance as to how a firm may report required information
  2. Populate and submit regulatory returns on a firm’s behalf
  3. Populate and submit regulatory returns on a firm’s behalf

Speak to one of our experts today for confidential and no obligation advice about FCA regulatory reporting.

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FCA Regulatory Reporting