SUP 15.7 Form and method of notification

A firm should have regard to the urgency and significance of a matter and, if appropriate, should also notify its usual supervisory contact at the appropriate regulator7 by telephone or by other prompt means of communication, before submitting a written notification. Oral notifications should be given directly to the firm's usual supervisory contact at the appropriate regulator.7 An oral notification left with another person or left on a voicemail or other automatic messaging service is unlikely to have been given appropriately.2

The appropriate regulator7 is entitled to rely on any information it receives from a firm and to consider any notification received as being made by a person authorised by the firm to do so. A firm should therefore consider whether it needs to put procedures in place to ensure that only appropriate employees make notifications to the appropriate regulator7 on its behalf.

If the firm or its group is subject to lead supervision arrangements by the appropriate regulator,7 the firm or group may give or address a notice under SUP 15.7.4 R(1) to the supervisory contact at the appropriate regulator,7 designated as lead supervisor, if the firm has chosen to make use of the lead supervisor as a central point of contact (see SUP 1.5).

If a firm is a member of a group which includes more than one firm, any one undertaking in the group may notify the appropriate regulator7 on behalf of all firms in the group to which the notification applies. In this way, that undertaking may satisfy the obligation of all relevant firms in the group to notify the appropriate regulator.7 Nevertheless, the obligation to make the notification remains the responsibility of the individual firm itself. See also SUP 15.7.3 G.

Firms wishing to communicate with the appropriate regulator7 by electronic mail or fax should obtain the appropriate address or number from the FSA7appropriate regulator.7

If a notification rule does not require notification within a specified period, the firm should act reasonably in deciding when to notify.

The appropriate regulator7 has made arrangements with the Society of Lloyd's with respect to the monitoring of underwriting agents. Underwriting agents should check whether these arrangements provide for any notifications required under this chapter to be sent to the Society instead of to the appropriate regulator.7 [For further details see the appropriate regulator's7 website.]

If a firm fails to comply with the rules in this section then the notification is invalid and there may be a breach of the rule that required the notification to be given.

The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001 (SI 2001/1420) contain provisions relating to the service of documents on the appropriate regulator.7 They do not apply to notifications required under notification rules because of the specific rules in this section.