FCA Handbook - DTR 8.5 Supervision of primary information providers

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DTR 8.5 Supervision of primary information providers

Annual report

A primary information provider must submit to the FCA an annual report prepared by a reporting accountant qualified to act as auditor which states that the primary information provider has satisfied its continuing obligations in DTR 8.4 in the preceding 12 months.

The annual report provided under DTR 8.5.1 R should state:

(1)
the opinion of the reporting accountant qualified to act as auditor as to the matters set out in DTR 8.5.1 R;
(2)
the significant areas tested in reaching that opinion; and
(3)
a summary of the work undertaken to address these areas and reach that opinion.

The annual report must be sent to the FCA within 3 months of the anniversary of the date of the primary information provider's approval as a primary information provider.

Requirement to provide information

(1)
The FCA may require a primary information provider to provide specified information or specified documents to the FCA.
(2)
The primary information provider must as soon as practicable provide to the FCA any information or documents it has been required to provide under (1).
(3)
This rule applies only to information or documents reasonably required by the FCA in connection with the performance of its functions in relation to a primary information provider.

Restrictions or limitations on approval

The FCA may impose restrictions or limitations on the services a primary information provider can provide at any time following the grant of a primary information provider's approval.

Situations when the FCA may impose restrictions or limitations on the services a primary information provider can provide include (but are not limited to) where it appears to the FCA that:

(1)
the primary information provider's ability to satisfy its obligations in DTR 8.4 would be likely to be compromised; or
(2)
the primary information provider is proposing to make changes to its systems and controls or operations which would be likely to prevent it from satisfying any of its obligations in DTR 8.4; or
(3)
the primary information provider is proposing to make changes to the services offered or fees charged which would be likely to prevent it from satisfying its obligation in DTR 8.3.1R (1).

[Note: A statutory notice may be required under section 89P of the Act. Where this is the case, the procedure for giving a statutory notice is set out in DEPP.]

Discipline of primary information providers

The decision-making procedures that the FCA will follow when it uses its disciplinary powers in relation to a primary information provider are set out in DEPP.

Suspension of a primary information provider’s approval at the primary information provider’s request

A request by a primary information provider for its approval as a primary information provider to be suspended must be in writing and must include:

(1)
the primary information provider's name;
(2)
a clear explanation of the background and reasons for the request;
(3)
the date on which the primary information provider requests the suspension to take effect; and
(4)
the name and contact details of the person at the primary information provider with whom the FCA should liaise in relation to the request.

A primary information provider may withdraw its request at any time before the suspension takes effect.

Cancellation of a primary information provider’s approval at the primary information provider’s request

A request by a primary information provider for its approval as a primary information provider to be cancelled must be in writing and must include:

(1)
the primary information provider's name;
(2)
a clear explanation of the background and reasons for the request;
(3)
the date on which the primary information provider requests the cancellation to take effect; and
(4)
the name and contact details of the person at the primary information provider with whom the FCA should liaise in relation to the request.

A primary information provider may withdraw its request at any time before the cancellation takes effect.

Primary information providers: advancing the FCA’s operational objectives

The FCA may impose restrictions or limitations on the services a primary information provider can provide or suspend a primary information provider's approval if the FCA considers it desirable to do so in order to advance one or more of its operational objectives.

[Note: A statutory notice may be required under section 89V of the Act. Where this is the case, the procedure for giving a statutory notice is set out in DEPP.]