Check your firm’s details held by the FCA are correct.

Relevance:                   All firms.

Action required:           Check your firm’s details held by the FCA are correct.

It has always been a regulatory requirement for authorised firms to review their “Firm Details” (previously known as Standing Data) annually, in line with their Accounting Reference Date (ARD), i.e. the date when the firm’s financial tear ends and annual accounts are prepared.

“Firm details” includes a list of basic information that the FCA hold about a firm. The FCA uses this information to communicate with firms and publish information on the Financial Services Register for the benefit of consumers. It is therefore essential that this information is correct and up to date.

However, the FCA is concerned that it currently holds a lot of out of date and incomplete information.

To rectify this situation, from 31 January 2020, the FCA is introducing a new “mandatory annual update” requiring firms to review and confirm the accuracy of their “Firm Details” annually. Even if your firm’s details have not changed, you will still be required to confirm this.

Firms will do this using “Connect”, the FCA’s online applications and notifications system and this will need to be done within 60 business days of the firm’s ARD, following 31 January 2020. For example, if your ARD is 31 March, then you will need to take the necessary action no later than 30 May 2020.

When the time comes, log into Connect take the following action:

·      Select “Update or Attest your firm’s details” from the new menu choice;

·      Where the information is correct, tick the “no change” box;

·      If your firm’s details are incorrect, you can submit the corrected firm details to the FCA using the appropriate form.

In addition, you should take the opportunity to:

·    Check your firm’s list of registered Connect Users correctly reflects the staff within your firm who need the ability to complete, amend and submit applications; and

·    Remove any Users from Connect who no longer need to have access.

If firms do not submit their firm information annually, they will be failing to comply with both the enhanced “Firm Details” rules and the Principles for Businesses.

We will continue to assist client firms in keeping their “Firm Details” up-to-date.