Firms Need to Update or Confirm Firm Details Annually

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.

About the author

Ash is Managing Director at RWA. He has over 15 years’ experience in the legal and compliance field and ten years in broker sales and leadership roles in national and global insurance firms.

He is highly skilled in the application of risk-based regulation, working closely with businesses at executive and board level to develop commercially viable, compliant systems and controls. Ash is adept in providing solutions-based interpretations of the FCA’s technical standards and facilitating the transfer of compliance skills and education needed for businesses to self-manage their own compliance and training needs.

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