Home FCA Handbook SUP SUP 16 SUP 16.34 Retail banking business models reporting
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SUP 16.34 Retail banking business models reporting

Application: who?

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This section applies to:

  1. (1) all firms listed in SUP 16.34.2R which:
    1. (a) provided services to retail customers in the United Kingdom in the relevant accounting reference period referred to in SUP 16.34.12R(3);
    2. (b) were required to submit an Annual Financial Crime Report in accordance with SUP 16.23 in respect of their last 3 accounting reference periods;
    3. (c) reported at least 200,000 customer relationships in the United Kingdom in each of the Annual Financial Crime Reports submitted in respect of their last 3 accounting reference periods; and
    4. (d) reported a total revenue of £5m or more at each of their last 3 accounting reference dates; and
  2. (2) ring-fenced parent firms and UK banking parent firms of the firms referred to in (1).
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SUP 16.34.1R(1) applies to the following types of firm:

  1. (1) banks; and
  2. (2) building societies.
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SUP 16.34.1R(1)(a) refers to firms that provided services. That does not include firms that offered products to customers which were provided by another firm. As an example, one firm (A) could help arrange for a retail customer in the United Kingdom to open a bank account with another firm (B). That will mean B satisfies SUP 16.34.1R(1)(a) because it provided the account to the customer, but not that A does.

Purpose

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The purpose of this section is to require firms that provide banking services to retail customers to submit information on their, or their group’s, business models in a standard format to the FCA. This information will inform the FCA’s understanding of retail banking market dynamics in the interest of promoting effective competition.

Reporting requirement

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  1. (1) Subject to (2) and (3), and SUP 16.34.7R(2) and (3), a firm must submit the Retail Banking Business Models Report containing:
    1. (a) the details specified in SUP 16 Annex 59.4R;
    2. (b) the data points and information specified in SUP 16 Annex 59.5R to SUP 16 Annex 59.11R (Core Financial Data Request); and
    3. (c) the documents, or parts of documents, specified in SUP 16 Annex 59.12R and the information specified in SUP 16 Annex 59.14R (Off-the-shelf Document Request).
  2. (2) In the Core Financial Data Request, a firm must:
    1. (a) provide relevant data that it holds or can obtain from other firms in its group;
    2. (b) if it does not hold relevant data and cannot obtain it from other firms in its group, provide a reliable estimate of the data; or
    3. (c) if it does not hold relevant data, cannot obtain it from other firms in its group and cannot provide a reliable estimate, not provide data.
  3. (3) In the Off-the-shelf Document Request, a firm is only required to provide documents, or parts of documents, which already exist and which:
    1. (a) it can provide without breaching a duty of confidentiality owed to a third party;
    2. (b) it can provide without obtaining the consent of a third party that cannot reasonably be obtained; and
    3. (c) it has not already provided to the FCA.
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A firm should only provide a reliable estimate of data (in accordance with SUP 16.34.5R(2)(b)) where data can be reasonably approximated using sound methodology, consistent assumptions and available evidence.

Firms within a group

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  1. (1) Where a firm is a member of a group, the Retail Banking Business Models Report:
    1. (a) must be submitted by the ring-fenced parent firm, if there is one;
    2. (b) if (a) does not apply, must be submitted by the UK banking parent firm, if there is one; or
    3. (c) if (a) and (b) do not apply, may be submitted by any firm in the group on behalf of any other firms in the group.
  2. (2) If (1)(a) or (b) apply, SUP 16.34.5R(1) does not apply to any firm in the same group as the ring-fenced parent firm or UK banking parent firm.
  3. (3) If a report is submitted in accordance with (1)(c), SUP 16.34.5R(1) does not apply to any firm on behalf of which it is submitted.
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  1. (1) This rule applies to a Retail Banking Business Models Report submitted by a ring-fenced parent firm.
  2. (2) The report must contain data, documents and information in respect of all the ring-fenced bodies in the group on an aggregated basis.
  3. (3) For SUP 16 Annex 59.10R (wholesale funding) and SUP 16 Annex 59.11R (whole business), the report may also include data and information in respect of all the other entities included in the group accounts prepared by the ring-fenced parent firm, in which case (4) applies.
  4. (4) When this paragraph applies, the data and information in SUP 16 Annex 59.10R or SUP 16 Annex 59.11R (as appropriate) must be provided on an aggregated basis in respect of all the entities included in the group accounts prepared by the ring-fenced parent firm.
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  1. (1) This rule applies to a Retail Banking Business Models Report submitted by a UK banking parent firm.
  2. (2) The report must contain data, documents and information in respect of all the firms included in the group accounts prepared by the UK banking parent firm on an aggregated basis.
  3. (3) For SUP 16 Annex 59.10R (wholesale funding) and SUP 16 Annex 59.11R (whole business), the report may also include data and information in respect of all the other entities included in the group accounts prepared by the UK banking parent firm, in which case (4) applies.
  4. (4) When this paragraph applies, the data and information in SUP 16 Annex 59.10R or SUP 16 Annex 59.11R (as appropriate) must be provided on an aggregated basis in respect of all the entities included in the group accounts prepared by the UK banking parent firm.
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  1. (1) This rule applies to a Retail Banking Business Models Report submitted by a firm in a group other than a ring-fenced parent firm or UK banking parent firm.
  2. (2) The report must contain data, documents and information in respect of the following on an aggregated basis:
    1. (a) all the banks and building societies in the group which do not have a parent undertaking that is a bank or building society; and
    2. (b) all the subsidiary undertakings of such banks and building societies which are firms.
  3. (3) Paragraph (4) applies if all the firms in (2) are included in group accounts prepared under section 399 of the Companies Act 2006 or section 72E of the Building Societies Act 1986.
  4. (4) For SUP 16 Annex 59.10R (wholesale funding) and SUP 16 Annex 59.11R (whole business), the report may also include data and information in respect of all the other entities included in the group accounts referred to in (3), in which case (5) applies.
  5. (5) When this paragraph applies, the data and information in SUP 16 Annex 59.10R or SUP 16 Annex 59.11R (as appropriate) must be provided on an aggregated basis in respect of all the entities included in the group accounts referred to in (3).
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  1. (1) SUP 16.34.7R(1)(a) and (b) and (2) apply where a group contains a ring-fenced parent firm or UK banking parent firm. A single Retail Banking Business Models Report must be submitted by the ring-fenced parent firm or UK banking parent firm covering the group entities specified in SUP 16.34.8R or SUP 16.34.9R, including those that do not satisfy the criteria in SUP 16.34.1R(1). The ring-fenced parent firm or UK banking parent firm is responsible for ensuring the report is submitted, and for its contents.
  2. (2) SUP 16.34.7R(1)(c) applies where a group does not contain a ring-fenced parent firm or UK banking parent firm. That provision, with SUP 16.34.7R(3), means that a single Retail Banking Business Models Report may be submitted to satisfy the requirements of all firms in the group. The report can be submitted by the firm in the group that is best placed to do so, whether or not it satisfies the criteria in SUP 16.34.1R(1). The FCA expects that groups will normally want to report in this way when SUP 16.34.7R(1)(a) and (b) do not apply. Nevertheless, the requirement to ensure the report is submitted, and responsibility for its contents, remain with each firm in the group.
  3. (3) SUP 16.34.10R sets out the information that must be provided where a group does not contain a ring-fenced parent firm or UK banking parent firm. This applies whether or not a single report is submitted for the group. Each report that is submitted must cover all the banks and building societies in the group and their subsidiary firms, including those that do not satisfy the criteria in SUP 16.34.1R(1).
  4. (4) The requirement to submit data in the Core Financial Data Request on an aggregated basis means that the data for each entity in respect of which the report is submitted must be added together and submitted as a single figure. The data must relate to the relevant accounting reference period for each entity, determined in accordance with SUP 16.34.12R(3). Different entities in the group may have different accounting reference periods.
  5. (5) SUP 16.34.8R(3), SUP 16.34.9R(3) and SUP 16.34.10R(4) apply to the ‘wholesale funding’ and ‘whole business’ sections of the Core Financial Data Request. They allow, but do not require, data and information to be submitted relating to all the entities included in the relevant group accounts. This should mean firms can use figures in those group accounts when submitting those sections of the request. 

Frequency and timing of the Retail Banking Business Models Report

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  1. (1) The Retail Banking Business Models Report must be submitted once each calendar year by the end of the last business day of November.
  2. (2) In the Core Financial Data Request, firms must submit data relating to the relevant accounting reference period referred to in (3).
  3. (3) The relevant accounting reference period for the year a report is submitted (Y) is:
    1. (a) that ending in Y if the firm’s accounting reference date falls on or before 30 June; or
    2. (b) that ending in the year before Y if the firm’s accounting reference date falls after 30 June.
  4. (4) In the Off-the-shelf Document request, unless otherwise specified, firms must submit the most up-to-date documents, or parts of documents, available on the date of submission (whether or not they relate to the relevant accounting reference period in (3)).

How to submit the Retail Banking Business Models Report

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The Retail Banking Business Models Report must be submitted online through the appropriate systems made available by the FCA.