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SUP 15.6 Inaccurate, false or misleading information

SUP 15.6.1RRP

A firm must take reasonable steps to ensure that all information it gives to the FCA3 in accordance with a rule in any part of the Handbook (including Principle 11) is:

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  1. (1)

    factually accurate or, in the case of estimates and judgements5, fairly and properly based after appropriate enquiries have been made by the firm; and

  2. (2)

    complete, in that it should include anything of which the FCA3 would reasonably expect notice.

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SUP 15.6.1ARRP

5SUP 15.6.1R also applies to all information given, or to be given, by a firm in accordance with any of the following:

  1. (1)

    a directly applicable provision imposed by MiFIR or any EU regulation adopted under MiFID or MiFIR; or

  2. (2)

    a breach of any requirement imposed by or under either the MiFI Regulations or the DRS Regulations.

SUP 15.6.2GRP

SUP 15.6.1 R applies also in relation to rules outside this chapter, and even if they are not notification rules. Examples of rules and chapters to which SUP 15.6.1 R is relevant, are:

  1. (1)

    Principle 11, and the guidance on Principle 11 in SUP 2 (Information gathering by the FCA and PRA99 on their9 own initiative);

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  2. (2)

    SUP 15 (Notifications to the FCA3):

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  3. (3)

    SUP 16 (Reporting requirements);

  4. (4)

    SUP 17 (Transaction reporting);

    1
  5. (5)

    any notification rule (see Schedule 2 which contains a consolidated summary of such rules);1

    2
  6. (6)

    DISP 1.9 (Complaints record rule); and21

  7. (7)

    DISP 1.10 (Complaints reporting rule).2

SUP 15.6.3GRP

If a firm is unable to obtain the information required in SUP 15.6.1 R(2), then it should inform the FCA3 that the scope of the information provided is, or may be, limited.

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SUP 15.6.4RRP

If a firm becomes aware, or has information that reasonably suggests that it has or may have provided the FCA3 with information which was or may have been false, misleading, incomplete or inaccurate, or has or may have changed in a material particular, it must notify the FCA3 immediately. Subject to SUP 15.6.5 R, the notification must include:

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  1. (1)

    details of the information which is or may be false, misleading, incomplete or inaccurate, or has or may have changed;

  2. (2)

    an explanation why such information was or may have been provided; and

  3. (3)

    the correct information.

SUP 15.6.5RRP

If the information in SUP 15.6.4 R (3) cannot be submitted with the notification (because it is not immediately available), it must instead be submitted as soon as possible afterwards.

SUP 15.6.6GRP

The FCA3 may request the firm to provide revised documentation containing the correct information, if appropriate.

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SUP 15.6.6AGRP

4SUP 15.11.13R(4) adjusts the time when, and how, a relevant authorised person should make updates under SUP 15.6.4R about notifications under section 64C of the Act (Notification of disciplinary action against certain employees).

SUP 15.6.7GRP

Firms are reminded that section 398 of the Act (Misleading the FCA or PRA:9 residual cases) makes it an offence for a firm knowingly or recklessly to provide the FCA3 with information which is false or misleading in a material particular in purported compliance with the FCA's3 rules or any other requirement imposed by or under the Act. An offence by a body corporate, partnership or unincorporated association may be attributed to an officer or certain other persons (section 400 of the Act (Offences by bodies corporate etc)).

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