C2: Reporting & notifications - created from Mind Map

shareholdings & control of ltd co.

people/organisations with close links

financial resources

complaints recv'd

FCA req'd regular returns

- subsidiaries - sister companies - holdings of at least 20%

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Reports cover: annual accts & financial statements amount held on deposit value of client's assets in discretionary portfolio mgr's possession nos. of staff undertaking different roles within the firm types of business being undertaken no. of complaints recv'd & persistency stats Persistency rules apply to reg and sp life & pension contracts (exc. term ass.)Must report persistency figures, over first 4 years of contracts, annually to FCA broken down by sales channel & type of contract.

Firms must submit complaint stats twice a year broken down by product type, no of complaints closed within 4 weeks or less of receipt, within 8 weeks, more than 8 weeks, and total outstanding.Reports must always be submitted within 30 working days of end of reporting period.FCA may investigate, undertake series of 'thematic' visit focusing on a particular business type, or issue general guidance to the market.Firms failing to report will find themselves in enforcement & may be subject to authorisation being removed.  Fines may be imposed for merely being late.

FCA expects to be told immediately about any matter that potentially could have a significant regulatory impact, serious fraud or crime, major FCA rule breach, or firm's insolvency.Changes of name, address, legal status should be provided with reasonable advance notice.If incorrect info has inadvertently been given to FCA by firm they must notify them immediately upon finding out so.

C2: Reporting & notifications

Annotations

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