SIFA 12.1 Reporting requirements

We need timely and accurate information from firms so that we can carry out our duties under the Act. You are required to send some information as regular reports and some as notifications if and when a particular event occurs. Principle 11 (Relations with regulators) includes a requirement for your firm to disclose anything relating to it of which we would reasonably expect notice. You may be subject to enforcement action if you fail to submit the reports on time ( ENF 13.5).

We are able to build up a picture of firms' circumstances and behaviour by receiving regular reports and the information also helps us to identify where a firm or sector may be experiencing a particular problem.

This is in line with Principle 11 (Relations with regulators) that requires firms to deal with the FSA in an open and co-operative way, and also Principle 4 (financial prudence).

You can find the standard forms mentioned above as follows:

1. (1)

   Annual questionnaire: on our CD-ROM under 'Library, Forms, Supervision Chapter 16, Annex 7R'; or on our website by clicking on 'FSA Handbook', 'Forms', 'Supervision forms' and 'Chapter 16: personal investment firms' reporting forms - Annex 7R'.

2. (2)

   Complaints report: please see Chapter 11.2 of this Overview on Complaints reporting (paragraph 11.2.5).

Below are two time-lines on the reports that you must send to us. The first time-line lists the reports on a firm's accounting-year basis, the second is on a calendar-year basis. Paragraph 12.1.11 below is about the pension transfer and opt-out report, which is submitted on a different basis.

Accounting-year basis

Calendar-year basis

You will need to notify us every six months in writing of the number of pension opt-out and pension transfer transactions, that you arranged during the previous six months. There is no specified start date but you would need to send us details every six months after your first report unless there have not been any such arrangements.

You are required to keep records indefinitely of any notifications of pension transfer and opt-out transactions required by COB 5.3.26 R (1) and (1A).

You will find the forms:

1. (1)

   on the FSA CD-ROM by going to 'Handbook' and then clicking on 'Forms' (highlighted in green); or

2. (2)

   on our website (www.fsa.gov.uk) by going to 'Industry Help' and then clicking on 'Forms'.

You will find the annual questionnaire on our website by clicking on 'Forms', 'Supervision forms' and then 'Chapter 16: reporting requirements - Annex 7R'. There are two questionnaires there, but you will need the one entitled 'Annual questionnaire for small personal investment firms'.

The following sections of the Handbook are relevant:

1. (1)

   The table at section 13.1.6 above includes the relevant Handbook sections.

2. (2)

   The general provisions on reporting to the FSA: SUP 16.3.

3. (3)

   The requirements for personal investment firms completing reports: SUP 16 Annex 7 and SUP 16.7.48 , SUP 16.7.53 .

4. (4)

   Guidance on completion of the Annual Questionnaire is at SUP 16 Annex 8 .

You may be required to send a report to us in a particular way; however usually the following methods may be used (SUP 16.3.9 ) :

1. (1)

   electronic mail;

2. (2)

   post;

3. (3)

   hand delivery; or

4. (4)

   fax - (if you deliver by fax you must also send the report by one of the methods above within five working days. You should also check the particular requirements for the report).

If your firm holds client money or assets you should consider whether the following reporting requirements are relevant:

1. (1)

   SUP 3.10 details when an auditor would need to submit a client assets report;

2. (2)

   There are notification requirements at COB 9.1.97, COB 9.3.98 and in COB 9.5. You should also check the notification requirements in Schedule 2 to COB.