SIFA 12.1 Reporting requirements
We need timely and accurate information from firms so that we can carry out our required duties under FSMA. You are required to send some information as regular reports and some as notifications if and when a particular event occurs. You may be subject to enforcement action if you fail to submit the returns on time (ENF 13.5).
Submission of reports
The table below highlights the reports that your firm must send to us each year after 1 April 2005 - see SUP transitional provisions (SUP TP 1.1 12B) for details of your first reporting date. Firms that are required to submit an RMAR (Retail Mediation Activities Return) must do so by electronic means made available by FSA (SUP 16.7.6A R).
Report |
Frequency report is required |
Relevant section in the Handbook |
Method of Reporting |
RMAR Adequate information relating to the following activities
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Half yearly - 30 business days after reporting period end. The reporting periods are the six months following and the six months preceding the firm's accounting reference date. |
via Firms Online |
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Complaints report |
Half yearly - 30 business days after reporting period end. The reporting periods are the six months following and the six months preceding the firm's accounting reference date. A nil return is required. |
Via Firms Online (see chapter 11.2) |
The information that we are requesting from firms in the RMAR includes:
- financial (balance sheet, profit and loss account, client money and assets, regulatory capital, PII);
- threshold conditions (resources, close links, approved persons, controllers);
- training and competence (number of staff, advisers and supervisors);
- conduct of business (sources of business, advertising, commission clawed back);
- product sales data (data on sales of general insurance products); and
- fees information.
Frequency and Timing of returns
Generally firms will be required to submit returns to us electronically every six months. However the following exceptions apply.
- For the first year after the requirements are implemented we do not require smaller firms to submit financial information at their half-year end (i.e. for the six month period following their accounting reference date). This will give these firms more time to adapt to the requirements. However they must still submit the remaining RMAR sections half-yearly. For this purpose, we have defined small firms as those with an annual income of £60,000 or less.
- Larger firms will be required to report financial information quarterly. Larger firms are those with an annual income of more than £5 million.
Firms are required to collect data from 1 April 2005 and report it twice each year based on the firm's accounting reference date (ARD). You will have to submit data to cover the two six-month periods before and after your firm's ARD. We require the information within 30 business days of the end of each period.
As the reporting requirements do not come into effect until 1 April, the first reporting period may be less than a full six month period for some firms. For example, one of the returns for a firm with an ARD of 31 December would normally cover the period from 1 January - 30 June. However, the first return will cover the period from 1 April 2005 to 30 June 2005 only. You will be able to view your firm's submission timetable by accessing the reporting timetable on the Firms Online system from July 2005. You can access Firms Online at: www.fsa.gov.uk/Pages/Doing/Regulated/Firms/Index.shtml
Where Will You Find The Reports
You will find the reports on our website under Integrated Regulatory Reporting. The IRR homepage is: www.fsa.gov.uk/Pages/Doing/Regulated/Returns/IRR/index.shtml
Other Reports
You may also need to submit the following reports:
Report |
Frequency report is required |
Relevant section in the Handbook |
Method of reporting |
Pension transfer and opt-outs |
Every six months - no specific start date.
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No standard form - please write to us |
Pension Transfer and Opt-Out Report
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.
There are also related quarterly reports, which may apply to you. There are further details in COB 5.3.26 R.
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 COB 5.3.26 R (1A).
Where are the relevant Handbook sections?
How do you submit the reports to us?
You may be required to send other reports to us in a particular way. However, the following methods may usually be used:
- email;
- post;
- hand delivery; or
- fax - (if you deliver by fax you must also send the report by one of the methods above within five working days, depending on the particular requirement for the report).
Other issues
You should consider whether the following reporting requirements are relevant to your firm where it holds client money or assets:
- SUP 3.10 details when an auditor would need to submit a client assets report.
- You should also check the notification requirements in CASS Sch 2.
The following sections are also relevant: |
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'Complaints reporting to the FSA' - Chapter 11.2 |
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'Notifications' - Chapter 12.2 |
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PRIN 2.1 in the Handbook |
If you do mortgage or general insurance business you should also refer to MIGI 11. |
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