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; or4
- (4)
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)
[paragraph suspended by FSA 2004/79]5
- (3)
If any standing data is incorrect, the firm must submit5 the corrected standing data to the FSA,
5using the appropriate form set out in SUP 15 Ann 3 and in accordance with SUP 16.10.4A R.5
5
- (1)
5A firm other than a credit union must submit any corrected standing data under SUP 16.10.4R (3) online at
www.fsa.gov.uk using the FSA's ONAsystem.
- (2)
A credit union must submit any corrected standing data under SUP 16.10.4R (3) in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).
- (3)
Where a firm is obliged to submit corrected standing data online under (1), if the FSA's information technology systems fail and online submission is unavailable for 24 hours or more, until such time as facilities for online submission are restored, a firm must submit its corrected standing data in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).
5If the FSA's information technology systems fail and online submission is unavailable for 24 hours or more, the FSA will endeavour to publish a notice on its website confirming that online submission is unavailable and that the alternative methods of submission set out inSUP 16.10.4AR (3) and SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification) should be used.
5Where SUP 16.10.4AR (3) applies to a firm, GEN 1.3.2 R (Emergency) does not apply.
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.