As we reach the end of the reporting period which runs 1 September to 31 August, all firms who are not Limited Permission Consumer Credit (LPCC) firms, should be preparing to submit REP008 (The reporting period for an LPCC firm instead ends on its accounting reference date).
REP008 is used to inform the FCA of disciplinary action that has been taken against any individuals, who are not Senior Managers, for breaches of the Conduct Rules and must be submitted by 31 October (or the next business day if this falls on a weekend). For most firms, this will be completed through RegData.
For clarification, the FCA outlines disciplinary action as:
- Issuing a formal written letter
- Suspension or dismissal of a person
- Reduction or recovery of remuneration (clawback)
If disciplinary action has been appealed or the employee plans to appeal, this should still be included in REP008 with the outcome of any appeal recorded in the following year’s report.
Where there have been no Conduct Rules breaches resulting in disciplinary action, firms must still file a report notifying the FCA of this.
Additionally, if a firm does not have any employees subject to the Conduct Rules (other than Senior Managers) or if a sole trader has no employees, they are still required to submit a nil report.
Failure to submit REP008 by the deadline, will result in a £250 late return fee.
If you need any assistance on this or any other compliance issues, please contact your RWA Business Manager, email email@example.com, or call 01604 709 509.