FCA requires Firm Details to be updated

The Financial Conduct Authority (FCA) have published an announcement that firms need to confirm their details annually. This comes into effect from 31 January 2020. This is in accordance with the reporting requirements under SUP 16.10. Firms not affected include the following:

• an ICVC;
• a UCITS qualifier;
• an AIFM qualifier; or
• a dormant account fund operator.

These reporting requirements ask firms to check, amend or confirm the accuracy of the Firm Details on an annual basis using the FCA’s Connect portal. This applies even if the Firm Details have not changed from the previous year. This should be done within 60 days of their Accounting Reference Date (ARD).

As outlined in SUP 16.10.2, firm details are used by the FCA:

• to ensure that a firm is presented with the correct regulatory return when it seeks to report electronically;
• in order to communicate with a firm;
• as the basis for some sections of the Financial Services Register; and
• in order to carry out thematic analysis across sectors and groups of firms.

If a firm has not registered on Connect then they are advised to do so as soon as possible. Firms can register or update their details here.

The FCA have also provided a video guide to help firms with the registration process. Alternatively firms can call the FCA on 0300 500 0597 during opening hours.

All firms must also meet the principles for businesses. This includes principle 11, which states a firm must deal with its regulators in an open and cooperative way, and provide them with relevant information.