CONRED 4.8 Consumer redress scheme: information requirements

1In relation to any matter concerning or related to the consumer redress scheme created by this chapter, section 165 (FCA’s power to require information: authorised persons etc) of the Act and any provision of Part XI (Information Gathering and Investigations) of the Act which relates to that section apply to any firm (or person in CONRED 4) which is not an authorised person as if it were an authorised person.

1. (1)

   1By 6 weeks 2 after the scheme effective date, a firm must send the FCA an initial ‘progress report’ with the most up-to-date information held by the firm in the information categories in CONRED 4.8.3R as it stood at 1 month after the scheme effective date2.

2. (2)

   A firm must submit a further progress report every 2 weeks with the most up-to date information as it stood 2 weeks prior2, with the second progress report to be received by the FCA no later than 14 days after the date the initial report was provided to the FCA until the conditions in (3) apply.

3. (3)

   The conditions are:

   1. (a)

      there are no further steps which the firm is or could be required to take pursuant to this chapter in respect of any scheme case; and

   2. (b)

      the firm has notified the FCA by email to BSPSnotifications@fca.org.uk that the condition in (a) is satisfied and that it intends to stop submitting progress reports in accordance with (2).

4. (4)

   By 6 weeks after the scheme effective date, the firm must send the FCA a ‘one-off report’ with the information held by the firm in the information categories in CONRED 4.8.4.

5. (5)

   The reports required by (1), (2) and (4) must:

   1. (a)

      contain an attestation by a senior manager responsible for compliance oversight of the firm confirming that:

      1. (i)

         the information provided in each of the reports is complete; and

      2. (ii)

         where the information reflects a redress determination, that such a determination has been reached in accordance with any applicable rules; and

   2. (b)

      be submitted to the FCA:

      1. (i)

         in the case of the reports at (1) and (2) using RegData; or

      2. (ii)

         in the case of the report at (4):

         1. (A)

            using any electronic system which has been made available by the FCA for the purposes of submitting the report; or

         2. (B)

            if no such electronic system is available, by email to BSPSnotifications@fca.org.uk.

6. (6)

   Where a firm agrees an arrangement with a consumer providing for the payment of redress in instalments over one or more tax years pursuant to DISP App 4.3.31G(4)(c), it must within 5 business days of reaching such an arrangement notify the FCA by email to BSPSnotifications@fca.org.uk.

1The progress reports required by CONRED 4.8.2R must contain the following information about each scheme case:

1. (1)

   consumer identifier;

2. (2)

   the date the letter at CONRED 4 Annex 2R was sent;

3. (3)

   whether the consumer receiving the letter in (2) has opted out of the scheme and the date a firm received notification from the consumer of their decision to opt-out;

4. (4)

   where the firm has carried out the case review at CONRED 4.3.2R:

   1. (a)

      the date the case review was completed;

   2. (b)

      a copy of the completed FCA or BSPS DBAAT;

   3. (c)

      whether the scheme case was rated suitable, unsuitable or ‘non-compliant due to a material information gap(s)’ or ‘not-compliant-unclear’ (in the case of the FCA DBAAT);

   4. (d)

      for scheme cases rated as unsuitable, the result of the causation assessment;

5. (5)

   in a case where a firm has concluded that the advice was suitable:

   1. (a)

      the date a firm sent the letter at CONRED 4 Annex 9R;

   2. (b)

      the consumer’s name, address, telephone number(s) and, where available, email address (in the BSPS DBAAT or, where using an FCA DBAAT, in the Reg Data report);

   3. (c)

      whether a firm is aware that the consumer has complained to the Financial Ombudsman Service about the determination communicated in (a);

   4. (d)

      the date a firm became aware of any complaint in (c); and

   5. (e)

      the outcome of the complaint (both suitability and causation as applicable) as notified to the firm by the Financial Ombudsman Service in accordance with DISP 3.6.6R(5);

6. (6)

   in a case where a firm has concluded that the advice was unsuitable and answered ‘no’ to the causation question, the date a firm sent the letter at CONRED 4 Annex 8R;

7. (7)

   in a case where a firm has concluded that the advice was unsuitable and answered ‘yes’ to the causation question the date a firm sent the letters at:

   1. (a)

      CONRED Annex 7R; and

   2. (b)

      CONRED Annex 10R;

8. (8)

   where a firm has completed the redress assessment as required by CONRED 4.4.2R, the following in respect of the latest offer of redress made pursuant to the consumer redress scheme created by this chapter;

   1. (a)

      the date on which the redress calculation was completed;

   2. (b)

      the redress amount rounded to the nearest pound sterling;

   3. (c)

      the date the letter at CONRED 4 Annex 13R was sent to the consumer;

   4. (d)

      a copy of the redress calculation from the BSPS calculator;

   5. (e)

      whether the consumer has accepted the offer of redress in (c); and

   6. (f)

      the date on which any redress was paid.

1The ‘one-off report’ required by CONRED 4.8.2R must contain the following information:

1. (1)

   the number of cases in relation to which a firm has sent a consumer a letter pursuant to:

   1. (a)

      CONRED 4 Annex 1R;

   2. (b)

      CONRED 4 Annex 2R; and

2. (2)

   in respect of (1)(a), a breakdown of the reasons such cases were excluded from the scheme with reference to the relevant condition or conditions at CONRED 4.2.2R.

1A firm must provide copies of the BSPS DBAAT, FCA DBAAT and the redress calculation from the BSPS calculator in the format of a data string in the applicable RegData report.