SUP 16.3 General provisions on reporting

The effect of SUP 16.1.1 R is that this section applies to every firm except an ICVC.

The effect of SUP 16.1.1R is that this section applies to a TP firm and Gibraltar-based firm of a type listed in SUP 16.1.3R, as a firm to which SUP 16.27 applies.

This chapter has been split into the following sections, covering:

1. (1)

    annual controllers reports (SUP 16.4);

2. (2)

    annual close links reports (SUP 16.5);

3. (3)

    compliance reports (SUP 16.6);

4. (4)

    [deleted]

5. (4A)

    annual report and accounts (SUP 16.7A);

6. (5)

    persistency reports (SUP 16.8);

7. (6)

    [deleted];

8. (7)

    verification of firm details (SUP 16.10);

9. (8)

    product sales data reporting (SUP 16.11);

10. (9)

     integrated regulatory reporting (SUP 16.12);

11. (10)

     reporting under the Payment Services Regulations (SUP 16.13);

12. (11)

     client money and asset return (SUP 16.14);

13. (12)

     reporting under the Electronic Money Regulations (SUP 16.15); and

14. (13)

     prudent valuation reporting (SUP 16.16);

15. (14)

     remuneration reporting (SUP 16.17);

16. (15)

     AIFMD reporting (SUP 16.18);

17. (16)

     reporting under the MCD Order for CBTL firms (SUP 16.21).

18. (17)

     reporting under the Payment Accounts Regulations (SUP 16.22);

19. (18)

     annual financial crime reporting (SUP 16.23);

20. (19)

     retirement income data reporting (SUP 16.24);

21. (20)

     claims management reporting (SUP 16.25);

22. (21)

     Directory persons information reporting (SUP 16.26);

23. (22)

     value measures data reporting (SUP 16.27);

24. (23)

     home insurance and motor insurance pricing reporting (SUP 16.28);

25. (24)

     MIFIDPRU remuneration reporting (SUP 16.29);

26. (25)

     the Baseline Financial Resilience Report (SUP 16.30);

27. (26)

     financial promotion approval reporting (SUP 16.31); and

28. (27)

     access to cash reporting (SUP 16.32).

The annual controllers, annual close links and persistency reports sections are the same for all categories of firm to which they apply.

The compliance section is set out by category of firm, with detailed requirements set out in tables giving:

1. (1)

   a brief description of each report;

2. (2)

   the frequency with which the report is required; and

3. (3)

   the due date for submission of the report.

Further requirements about the reports, such as form and content, are set out in the sections for each category of firm, where this is appropriate. In many cases, however, it is more appropriate to provide this information by means of a separate annex; in these cases the relevant section refers to the annex.

SUP 15.6 refers to and contains requirements regarding the steps that firms must take to ensure that information provided to the FCA is accurate and complete. Those requirements apply to reports required to be submitted under this chapter.

Failure to submit a report in accordance with the rules in, or referred to in, this chapter or the provisions of relevant legislation may also lead to the imposition of a financial penalty and other disciplinary sanctions. A firm may be subject to reporting requirements under relevant legislation other than the Act, not referred to in this chapter. An example of this is reporting to the FCA by building societies under those parts of the Building Societies Act 1986 which have not been repealed (see SUP 16.1.4 G). If it appears to the FCA that, in the exceptional circumstances of a particular case, the payment of any fee would be inequitable, the FCA may reduce or remit all or part of the fee in question which would otherwise be payable (see FEES 2.3).

The FCA may from time to time send reminders to firms when reports are overdue. Firms should not, however, assume that the FCA has received a report merely because they have not received a reminder.

The firm is responsible for ensuring delivery of the required report by the due date. If a report is received by the FCA after the due date and the firm believes its delivery arrangements were adequate, it may be required to provide proof of those arrangements. Examples of such proof would be:

1. (1)

   "proof of posting" receipts from a UK post office or overseas equivalent which demonstrates that the report was posted early enough to allow delivery by the due date in accordance with the delivery service standards prescribed by the relevant postal authority; or

2. (2)

   recorded postal delivery receipts showing delivery on the required day; or

3. (3)

   records of a courier service provider showing delivery on the required day.

SUP 16.2.1 G emphasises the importance to the FCA of timely and accurate information. The extension of a firm's accounting period to more than 15 months may hinder the timely provision of relevant and important information to the FCA. This is because many due dates for reporting to the FCA are linked to firms' accounting reference dates. Indeed, for some categories of firm, the only reports required by the FCA have due dates for submission which are linked to the firm's accounting reference date. If the extension of a firm's accounting period appears likely to impair the effectiveness of the FCA supervisory work, the FCA may take action to ensure that it continues to receive the information it requires on a timely basis.

If more than one firm in a group intends to change its accounting reference date at the same time, a single notification may be given to the FCA, as described in SUP 15.7.8 G.

The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 (SI 2001/1420) contain provisions relating to the service of documents on the FCA. They do not apply to reports required under SUP 16, because of the specific rules in this section.

When the FCA receives a report which contains confidential information and whose submission is required under this chapter, it is obliged under Part 23 of the Act (Public Record, Disclosure of Information and Co-operation) to treat that information as confidential (see SUP 2.2.4G).

SUP 2.3.12AG states that the FCA may pass to other regulators information which it has in its possession. Such information includes information contained in reports submitted under this chapter. The FCA’s disclosure of information to other regulators is subject to SUP 2.2.4G (Confidentiality of information). Also, some value measures data in SUP 16.27 is used by the FCA to create published guidance. This public disclosure is to assist the FCA to discharge its public functions.

If this chapter requires the submission of a report or data item covering a group, a single report or data item may be submitted, and so satisfy the requirements of all firms in the group. Such a report or data item should contain the information required from all of them, meet all relevant due dates and indicate all the firms on whose behalf it is submitted; if necessary a separate covering sheet should list the firms on whose behalf a report or data item is submitted. Nevertheless, the requirement to provide a report or data item, and the responsibility for the report or data item, remains with each firm in the group. However, reporting requirements that apply to a firm, by reason of the firm being a member of a financial conglomerate, are imposed on only one member of the financial conglomerate (see, for example, SUP 16.12.32 R).

Examples of reports covering a group are:

1. (1)

   the compliance reports required from banks under SUP 16.6.4 R;

2. (2)

   annual controllers reports required under SUP 16.4.5 R;

3. (3)

   annual close links reports required under SUP 16.5.4 R;

4. (4)

   consolidated financial reports required from banks under SUP 16.12.5 R;

5. (5)

   consolidated reporting statements required from securities and futures firms under SUP 16.12.11 R.