Home FCA Handbook SUP SUP 15 SUP 15.6 Inaccurate, false or misleading information
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SUP 15.6 Inaccurate, false or misleading information

03/01/2018R

A firm must take reasonable steps to ensure that all information it gives to the FCA in accordance with a rule in any part of the Handbook (including Principle 11) is:

  1. (1)

    factually accurate or, in the case of estimates and judgements, fairly and properly based after appropriate enquiries have been made by the firm; and

  2. (2)

    complete, in that it should include anything of which the FCA would reasonably expect notice.

01/01/2021R

SUP 15.6.1R also applies to all information given, or to be given, by a firm in accordance with any of the following:

  1. (1)

    an applicable provision imposed by MiFIR or any onshored regulations which were previously EU regulations adopted under MiFID or MiFIR; or

  2. (2)

    a breach of any requirement imposed by or under either the MiFI Regulations or the DRS Regulations.

27/09/2019G

SUP 15.6.1 R applies also in relation to rules outside this chapter, and even if they are not notification rules. Examples of rules and chapters to which SUP 15.6.1 R is relevant, are:

  1. (1)

    Principle 11, and the guidance on Principle 11 in SUP 2 (Information gathering by the FCA and PRA on their own initiative);

  2. (2)

    SUP 15 (Notifications to the FCA):

  3. (3)

    SUP 16 (Reporting requirements);

  4. (4)

    [deleted]

  5. (5)

    any notification rule (see Schedule 2 which contains a consolidated summary of such rules);

  6. (6)

    DISP 1.9 (Complaints record rule); and

  7. (7)

    DISP 1.10 (Complaints reporting rule).

07/03/2016G

If a firm is unable to obtain the information required in SUP 15.6.1 R(2), then it should inform the FCA that the scope of the information provided is, or may be, limited.

07/03/2016R

If a firm becomes aware, or has information that reasonably suggests that it has or may have provided the FCA with information which was or may have been false, misleading, incomplete or inaccurate, or has or may have changed in a material particular, it must notify the FCA immediately. Subject to SUP 15.6.5 R, the notification must include:

  1. (1)

    details of the information which is or may be false, misleading, incomplete or inaccurate, or has or may have changed;

  2. (2)

    an explanation why such information was or may have been provided; and

  3. (3)

    the correct information.

21/06/2001R

If the information in SUP 15.6.4 R (3) cannot be submitted with the notification (because it is not immediately available), it must instead be submitted as soon as possible afterwards.

07/03/2016G

The FCA may request the firm to provide revised documentation containing the correct information, if appropriate.

10/12/2018G

SUP 15.11.13R(4) adjusts the time when, and how, an SMCR firm should make updates under SUP 15.6.4R about notifications under section 64C of the Act (Notification of disciplinary action against certain employees).

07/03/2016G

Firms are reminded that section 398 of the Act (Misleading the FCA or PRA: residual cases) makes it an offence for a firm knowingly or recklessly to provide the FCA with information which is false or misleading in a material particular in purported compliance with the FCA's rules or any other requirement imposed by or under the Act. An offence by a body corporate, partnership or unincorporated association may be attributed to an officer or certain other persons (section 400 of the Act (Offences by bodies corporate etc)).