The FCA has reminded firms that, from 31 January 2020, they must check, amend or confirm the accuracy of their Firm Details annually via the Connect portal. Firms will need to do this within 60 business days of their Accounting Reference Date (ARD).
In December, we reported that the FCA was contacting firms to remind them of their reporting duties regarding Connect.
The requirement applies regardless of whether a firm’s details have changed from the previous year. Even if they have not, firms must still log on to Connect to confirm that their details are accurate and up to date.
The FCA has warned firms that they must comply with these rules and enforcement action may taken where firms do not comply.
Firms are also reminded that they must meet the FCA’s principles for businesses. Principle 11 states, “A firm must deal with its regulators in an open and cooperative way, and must disclose to the appropriate regulator appropriately anything relating to the firm of which that regulator would reasonably expect notice.”
If your firm is not currently registered on Connect, then it is advised that you do so as soon as possible. The FCA has provided a video guide and a helpline (0300 500 0597) for firms in order to assist them in registering or updating their Firm Details.