SUP 16.26 Reporting of information about Directory persons

Application

SUP 16.26.1R

1This section of the FCA Handbook applies to an SMCR firm.

SUP 16.26.2G
  1. (1)

    1This section requires an SMCR firm to report information about its Directory persons to the FCA.

  2. (2)

    An SMCR firm will need to report information about all of its Directory persons. A firm may also need to report information if it is a sole trader or if it has appointed an appointed representative.

  3. (3)

    This section is also relevant to a Directory person whose name is or will be included in the Directory.

Purpose

SUP 16.26.3G
  1. (1)

    1Section 347(1) of the Act requires the FCA to maintain a record of various categories of person, such as authorised persons and approved persons as well as every person falling within such other classes as the FCA may determine (see section 347(1)(i)).

  2. (2)

    The FCA has determined that individuals who are Directory persons should be included on the record required by section 347(1) of the Act (see section 347(1)(i) of the Act).

  3. (3)

    The FCA is required to make the record available for inspection by members of the public in legible form at such times or places as the FCA may determine (see section 347(5) of the Act).

SUP 16.26.4G

1The FCA expects there to be a number of benefits from the Directory being available for public inspection. For example, a client will be able to verify information about a Directory person who it is proposed will be involved in the provision of a service to them. Or a firm might cross-check information about a Directory person before that individual is hired by the firm.

SUP 16.26.5G
  1. (1)

    1This section contains rules which require an SMCR firm to report specified information to the FCA about its Directory persons for the purposes of that information being included in the Directory.

  2. (2)

    This section also contains rules which require reporting of additional information to the FCA about Directory persons. This includes a Directory person’s date of birth, and, as the case may be, National Insurance number or passport number. The FCA needs this to ensure that information which is reported by a firm about a particular individual is as accurate as possible, for example, to prevent confusion between individuals with similar names. The information will also help the FCA in carrying out of its functions, for example, in its arrangements for supervising and enforcing compliance with relevant rules or requirements. However, this additional information will not be made available to the public through the Directory.

Reporting requirements: complete and accurate information

SUP 16.26.6R
  1. (1)

    1An SMCR firm must submit a duly completed and accurate report to the FCA for each Directory person in accordance with the provisions of this section.

  2. (2)

    The report for each Directory person must contain the information set out in SUP 16 Annex 47AR, and be:

    1. (a)

      submitted online through the appropriate system which is accessible from the FCA website; and

    2. (b)

      in the appropriate format.

SUP 16.26.7R
  1. (1)

    1When submitting a report to the FCA in respect of a Directory person an SMCR firm must confirm that all the information being reported to the FCA in respect of that Directory person is complete and accurate.

  2. (2)

    That confirmation must be given online through the appropriate system which is accessible from the FCA website.

SUP 16.26.8G
  1. (1)

    1The information reported by the firm in respect of a Directory person which is to be included in the Directory will be uploaded onto the Directory shortly after the report is submitted.

  2. (2)

    It is the responsibility of a firm to ensure that any information that it reports about relevant Directory persons is accurate and complete.

  3. (3)

    The FCA will not verify the information about Directory persons which is reported by a firm.

  4. (4)

    If a firm becomes aware of any inaccuracies or errors in the information reported about a Directory person it must rectify that information in accordance with applicable data protection legislation.

SUP 16.26.9G

1There are notes which accompany SUP 16 Annex 47AR (Directory persons report) which are intended to help firms report the required information. The notes are in SUP 16 Annex 47BG (Guidance notes for Directory persons report in SUP 16 Annex 47AR).

SUP 16.26.10R

1SUP 16.3.11R (Complete reporting) applies to the submission of Directory persons reports by an SMCR firm.

Reporting requirements: exceptional circumstances

SUP 16.26.11R

1A firm may not report the information required in SUP 16 Annex 47AR (15) where that firm has reason to believe that making public a Directory person’s workplace location would put them at risk.

Frequency and timing of reports: general

SUP 16.26.12R
  1. (1)

    1A firm must submit a report required by this section in the frequency, and so as to be received by the FCA no later than the due date, specified for such a report.

  2. (2)

    If a firm becomes aware of any inaccuracies or errors in the information reported about a Directory person it must rectify that information as soon as possible in accordance with applicable data protection legislation (see also SUP 16.26.6R and SUP 16.26.8G).

Frequency and timing of reports: certification employees

SUP 16.26.13R

1In respect of a certification employee, an SMCR firm must submit a report within seven business days of:

  1. (1)

    the certification employee commencing performance of a certification function;

  2. (2)

    the certification employee ceasing performance of a certification function; or

  3. (3)

    the firm becoming aware of any other change to the information last reported to the FCA in respect of that certification employee.

SUP 16.26.14G

1An example of when an SMCR firm would need to submit a report to the FCA under SUP 16.26.13R(3) is where the individual changes their name.

Seven business days is intended to be the maximum length of time for making a notification. By reporting more quickly, firms can improve the accuracy of the information included in the Directory.

Frequency and timing of reports: non-SMF director Directory person

SUP 16.26.15R

1In respect of a non-SMF director Directory person, an SMCR firm must submit a report within seven business days of:

  1. (1)

    that person becoming a non-SMF director Directory person at the firm; or

  2. (2)

    that person ceasing to be a non-SMF director Directory person at the firm; or

  3. (3)

    the firm becoming aware of any other change to the information last reported to the FCA in respect of that individual.

Frequency and timing of reports: sole trader Directory person or appointed representative Directory person

SUP 16.26.16R

1In respect of an appointed representative Directory person or a sole trader Directory person, an SMCR firm must submit a report within seven business days of:

  1. (1)

    that person commencing performance of a function which requires a qualification under TC App 1.1 (Activities and Products/Sectors to which TC applies subject to Appendices 2 and 3);

  2. (2)

    that person ceasing to perform a function which requires a qualification under TC App 1.1 (Activities and Products/Sectors to which TC applies subject to Appendices 2 and 3); or

  3. (3)

    the firm becoming aware of any other change to the information last reported to the FCA in respect of that individual.

SUP 16.26.17R
  1. (1)

    1If the FCA’s information technology systems fail and online submission of the reports required under this section is not possible on the reporting day (see paragraph (3)), the time period for submission of reports is extended in accordance with paragraph (2).

  2. (2)

    If on the reporting day, the online submission of reports is not possible for more than one hour, the firm must submit the relevant report on the first business day on which the online submission of reports is next possible.

  3. (3)

    In this rule, the “reporting day” is the day on which the firm must submit a report under this section as determined in accordance with SUP 16.26.13R to SUP 16.26.16R.

Frequency and timing of reports: reporting to the FCA at least once every twelve months

SUP 16.26.18R
  1. (1)

    1Paragraph (2) applies where an SMCR firm has not submitted any reports to the FCA in respect of a Directory person in accordance with the provisions of this section within the relevant period (see SUP 16.26.20R).

  2. (2)

    An SMCR firm must submit a report to the FCA confirming that the information previously reported by the firm in respect of its Directory persons remains accurate and up-to-date.

  3. (3)

    The confirmation to be submitted to the FCA under paragraph (2) must be submitted no later than the first business day following the end of the relevant period (see SUP 16.26.20R).

SUP 16.26.19R

1An SMCR firm may submit a confirmation of accuracy at any time.

SUP 16.26.20R
  1. (1)

    1For the purposes of SUP 16.26.18R, the “relevant period” is the period which:

    1. (a)

      starts on the day on which the SMCR firm last:

      1. (i)

        submitted a report to the FCA in respect of any of its Directory persons; or

      2. (ii)

        submitted a confirmation in accordance with SUP 16.26.18R;

      3. (iii)

        submitted a confirmation in accordance with SUP 16.26.19R; and

    2. (b)

      subject to (2), ends 364 days after the day specified in (a).

  2. (2)

    If the relevant period includes the 29 February of a given year, the period ends 365 days after the day specified in paragraph (1)(a).

Failure to submit a report

SUP 16.26.21R

1SUP 16.3.14R (Failure to submit reports) applies to the failure by an SMCR firm to submit a complete report about its Directory persons in accordance with the rules set out in this section by the date on which it is due.

SUP 16.26.22G

1Failure to submit a report in accordance with the rules in, or referred to in, this chapter or the provisions of relevant legislation may also lead to the imposition of a financial penalty and other disciplinary sanctions.

SUP 16.26.23G

1The firm is responsible for ensuring delivery of the required report by the relevant due date. If a report is received by the FCA after the due date and the firm believes its delivery arrangements were adequate, it may be required to provide proof of those arrangements.