“To attest, or not to attest… that is the question“
Background
Under SUP 16.10 reporting requirements, all firms are required to check, amend or confirm the accuracy of their firm details within 60 business days of their accounting reference date. Many firms will have already done this and would not typically expect to do it again until the same time next year.
What’s changed
Recently, the FCA have been sending out emails asking firms to ensure that the information that is held is correct and up to date. While this seems routine, a closer reading of the communication reveals that
“if your firm has recently reviewed, updated and attested to its information using the new firm details form, you do not need to submit it again.”
What’s not immediately obvious is that this is a result of a change in the FCA’s data collection approach. The communication does not explicitly mention that a new form has been introduced, nor does it provide any clear timeline for completion. This lack of clarity could easily lead to confusion for firms that believe they have already complied.
Why this matters
Yet where the FCA has been very clear, is on the consequences of not completing this new attestation. At the bottom of the email, they warn:
“failure to complete this will result in a £250 administrative fee and potential enforcement action, which could include the cancellation of your firm’s permission. A non-compliant banner will also be displayed alongside your firm’s contact details on the Financial Services Register and Firm Checker to let people know you haven’t confirmed your information”
This could have a material impact on your firm’s reputation and regulatory standing if not addressed.
Next steps
If your firm has not yet completed the new attestation form, and you receive a notice asking you to do so, please:
Log into Connect and initiate a new firm attestation declaration.
The system will immediately alert you if changes are needed.
Some of the questions in the form may be unclear — if so, please contact us and we’ll guide you through the process.
We appreciate that the communication from the FCA could have been more straightforward, but we’re here to help ensure that nothing slips through the cracks. Don’t hesitate to reach out to us today to discuss further.
This post contains a general summary of advice and is not a complete or definitive statement of the law. Specific advice should be obtained where appropriate.
