SUP 16.10 1Verification of standing data2
Application
The effect of SUP 16.1.1 R is that this section applies to every firm except:
- (1)
an ICVC; or
- (2)
a UCITS qualifier; or
- (3)
a credit union.
Purpose
Standing data is used by the FSA:
- (1)
to ensure that a firm is presented with the correct regulatory return when it seeks to report electronically;
- (2)
in order to communicate with a firm;
- (3)
as the basis for some sections of the FSA Register; and
- (4)
in order to carry out thematic analysis across sectors and groups of firms.
In view of the importance attached to standing data, and the consequences which may result if it is wrong, this section provides the framework for a firm to check and correct it.
Requirement to check the accuracy of standing data and to report changes 2to the FSA
- (1)
Within 30 business days of its accounting reference date, a firm must check the accuracy of its standing data through the relevant section of the FSA website.
- (2)
- (3)
If any standing data is incorrect, the firm must give the corrected standing data to the FSA,
using the appropriate form submitted in accordance with instructions on that form.2
The standing data is made available to the firm when the firm logs into the appropriate section of the FSA website. The firm should check the standing data and send any corrections to the FSA. The FSA's preferred method of receiving corrections to standing data is by the online forms available at the FSA's website.2
A firm may check, and submit corrections to, its standing data more frequently than annually.
2For the purpose of SUP 16.10.4R (3), the appropriate form will be determined by the standing data to be corrected. Appropriate forms will include (but are not limited to) the form in SUP 15 Ann 2 (standing data form) and the form in SUP 15 Ann 3 (notification form).2