October 4, 2024

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by: kiran

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Tags: "Regulation"

Ensure Your Firm’s Information Is Up to Date with the FCA

The FCA has recently updated its website, reminding firms about the importance of maintaining accurate information. There are three key areas to consider:

  • Ongoing requirement to ensure the FCA holds correct data about your firm.
  • Annual Firms Details Attestation.
  • Annual Directory Persons’ Attestation (DPA).

Ongoing Requirement

It’s crucial for firms to ensure the information held by the FCA—such as name and contact details—is always accurate. These details help the FCA communicate effectively, ensure regulatory returns are correct, and conduct accurate thematic analysis across sectors.

Firms Details Attestation

Every year, you’ll need to complete the Firms Details Attestation and confirm your firm’s details within 60 business days of your financial year end, even if nothing has changed. The details to attest include:

  • Companies House registration details (e.g., name and trading names)
  • Principal place of business
  • Registered office address (if registered at Companies House)
  • Head office address
  • Invoice address
  • UK branch address
  • Complaint contact details
  • Auditor or reporting accountant details
  • Professional advisor details
  • Locum details
  • Actuary details
  • Compliance officer details
  • Appointed representatives
  • Financial year end date

If your firm is registered with Companies House, make sure all relevant information, such as registered name, office address, and financial year end date, is up to date.

Directory Persons Attestation

For firms submitting Directory Persons data to the FCA, a separate DPA must be submitted annually to confirm the accuracy of the information. This must be done within 12 months of the last update or attestation. Failure to do so could result in a late return notification, a £250 late fee, and potentially more serious enforcement action.

Summary

Check: Continuously review the information the FCA holds on your firm and make updates as needed.

Attest: Confirm your firm’s details are correct within 60 business days of your financial year end.

Attest: Confirm Directory Persons data is accurate within 12 months of the last update or attestation.

All updates can be made using the FCA’s Connect System. If you need help navigating this process, please get in touch.