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SIFA 12.1 Reporting requirements

SIFA 12.1.1 G

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).

SIFA 12.1.2 G

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.

SIFA 12.1.3 G

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).

Which reports are you required to submit?

SIFA 12.1.4 G

The table below highlights the reports that your firm must send to us each year.

SIFA 12.1.5 G

Report

Frequency report is required

Relevant section in the Handbook

Method of Reporting

Annual questionnaire (Financial report)

Yearly - four months after the firm's accounting reference date.

Supervision (SUP) manual SUP 16.7.48R - 16.7.53G

Use the standard form

Complaints report

Twice a year - within one month of the end of each reporting period below:

• 1 April to 30 September

• 1 October to 31 March

Dispute resolution: Complaints (DISP 1.5.6 R)

Use the standard form
SIFA 12.1.6 G

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).

SIFA 12.1.7 G

And you may need to submit the following reports:

Report

Frequency report is required

Relevant section in the handbook

Method of reporting

Controllers report

Does not apply to firms that are sole traders

Yearly within four months of the firm's accounting reference date

SUP - 16.4.5R

(General information: SUP Chapter 11)

No standard form please write to us

Close links report

Does not apply to firms that are sole traders

Yearly within four months of the firm's accounting reference date.

SUP 16.5.4R

(General information: SUP Chapter 11)

No standard form please write to us

Pension transfers and opt-outs

Every six months no specific start date A nil return not required. There are related quarterly reports required.

Conduct of Business (COB) sourcebook COB 5.3.26 R

COB 5.3.26 R (1A)

No standard form please write to us

Significant management function reports

Yearly by no later than 31 July each year. A nil return is not required

SUP 10.9.8R

No standard from please write to us.

Audited consolidated annual financial statements

Yearly four months after the firm's accounting reference date. This is only required if the firm is a holding company, or if one of its controllers is a company (SUP 16.7.49R Note 1)

SUP 16.7.49R

The firm must submit the statutory accounts of the group to which it belongs.

Time-lines

SIFA 12.1.8 G

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.

SIFA 12.1.9 G

Accounting-year basis

SIFA12.1.9graphic_G1
SIFA 12.1.10 G

Calendar-year basis

SIFA12.1.10graphic_G2

Pension transfer and opt-out report:

SIFA 12.1.11 G

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.

SIFA 12.1.12 G

There are also related quarterly reports, which may apply to you. There are further details in COB 5.3.26 R.

SIFA 12.1.13 G

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).

Where will you find the forms?

SIFA 12.1.14 G

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'.

SIFA 12.1.15 G

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'.

Where are the relevant Handbook sections?

SIFA 12.1.16 G

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 .

How do you submit the reports to us?

SIFA 12.1.17 G

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).

Other issues

SIFA 12.1.18 G

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.

SIFA 12.1.19 G

The following sections are also relevant:

•

'Complaints reporting to the FSA' - Chapter 11.2 of this Overview;

•

'Notifications' - Chapter 12.2 of this Overview; and

•

PRIN 2.1 in the Handbook

SIFA 12.2 Notifications

SIFA 12.2.1 G

Your firm must make notifications in certain circumstances. The main circumstances are listed below.

Matters having a serious regulatory impact:

SIFA 12.2.2 G

Your firm must let us know immediately when it becomes aware, or has information that reasonably suggests, that any of the following has occurred, may have occurred or may occur in the foreseeable future:

  1. (1)

    If your firm fails to satisfy one or more of the threshold conditions (there is more information on these in section 5.1.4 of this Overview).

  2. (2)

    Any matter that could have a significant adverse impact on your firm's reputation.

  3. (3)

    Any matter that could affect your firm's ability to continue to provide adequate services to customers and which could result in serious detriment to a customer of the firm.

  4. (4)

    Any matter in respect of your firm that could result in serious financial consequences to the financial system or to other firms.

Communications with us in line with Principle 11:

SIFA 12.2.3 G

Compliance with Principle 11 includes but is not limited to giving us notice of:

SIFA 12.2.4 G

1. Any proposed restructuring, reorganisation or business expansion, which could have a significant impact on your firm's risk profile or resources, including but not limited to:

Starting to provide a new product or service (you may need to apply for a variation of Part IV permission).

Ceasing to undertake a regulated or ancillary activity, or significantly reducing the scope of such activities. (You may need to apply for a variation of Part IV permission).

Entering into, or significantly changing, a material outsourcing arrangement.

Any change in your firm's prudential category.

2. Any significant failure of your firm's systems or controls (including those reported to your firm by your auditor - if applicable).

3. Any action that your firm proposes to take which would result in a material change in its capital adequacy or solvency including, but not limited to:

Any action that would result in a material change in your firm's financial resources or financial resources requirement.

A material change resulting from the payment of a special or unusual dividend or the repayment of share capital or a subordinated loan.

4. Significant breaches of rules or other requirements under the Act.

Core information where advance notice of changes required

SIFA 12.2.5 G

There are certain pieces of core information where we need you to give us reasonable advance notice if there is going to be a change:

SIFA 12.2.6 G

Notification

Supervision sourcebook (SUP) reference

A change in your firm's name.

SUP 15.5.1 R

A change in address (to the principal place of business).

SUP 15.5.4 R

A change to the legal status of your firm. (You may be required to send us a new application for Part IV permission).

SUP 15.5.5 R

A change to supervision by an overseas regulator.

SUP 15.5.7 R

General notification requirements:

SIFA 12.2.7 G

There are also the following general notification requirements.

SIFA 12.2.8 G

Notification

Handbook reference

Breaches of rules and other requirements in or under the Act.

SUP 15.3.11 R

Civil, criminal or disciplinary proceedings against a firm.

SUP 15.3.15

Fraud, errors and other irregularities.

SUP 15.3.17 R

Insolvency, bankruptcy and winding up.

SUP 15.3.21 R

Change of accounting reference date.

Change of controller.

SUP 11.3

Approved persons: employees who start performing controlled functions (CFs), those who change or add CFs or those who cease performing CFs.(There are standard forms to use called 'Approved Persons regime forms').

Change of auditor.

SUP 3.3

Financial issues, such as professional indemnity insurance cover being refused or cancelled.

Interim Prudential sourcebook (IPRU INV) Chapter 13: 13.1.9 R

When should you notify us?

SIFA 12.2.9 G

If a notification rule requires you to send a notification within a specified period, you must send it in time for us to receive it before the end of the period. If the end of the period falls on a weekend or bank holiday, you must make sure it is received no later that the first business day after the end of the period (SUP 16.3.13 ). If a notification rule does not require notification within a specified period, then your firm should act reasonably in deciding when to notify us.

How do you notify us?

SIFA 12.2.10 G

You must send a notification in writing stating your firm's FSA Reference Number (unless stated otherwise in the notification rule).

SIFA 12.2.11 G

You should have regard to the urgency and significance of the matter. You may need to contact your normal supervisory contact by telephone (or other prompt means of notification) before writing to us.

SIFA 12.2.12 G

As stated above, you should normally give or send a notification for the attention of your firm's usual supervisory contact, unless otherwise stated (SUP 15.7.4 R). Normally this will be the IFD Contact Centre.

Where are the relevant Handbook sections?

SIFA 12.2.13 G

The following Handbook sections are relevant:

  1. (1)

    Notification requirements: SUP Chapter 15.

  2. (2)

    The methods of delivery: SUP 15.7.5 R.

  3. (3)

    Notifications required for particular products or services: SUP 15.8.

Other considerations

SIFA 12.2.14 G

You must take reasonable steps to ensure that all information that your firm sends to us is accurate, truthful, complete and not misleading.

SIFA 12.2.15 G

The following sections are also relevant:

•'Authorisation' - Chapter 5 of this Overview;

•'Complaints reporting to the FSA' - Chapter 11.2 of this Overview;

•'Reporting requirements' - Chapter 12.1 of this Overview;

• Threshold Conditions sourcebook (COND); and

•PRIN 2.1 in the Handbook