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FCA Connect – New Requirement for firms from January 2020
Compliance

The FCA is urging firms not already registered on Connect to do so.  They are emailing, calling and writing to firms that are not currently Connect users to encourage them to sign up before the new requirement comes into force in January 2020. 

From January 2020, firms will be required to submit their mandatory annual update via Connect.  This will include updating and confirming the accuracy of the firm’s details annually (even if there is no change), in line with the firm’s Accounting Reference Date (ARD). 

The mandatory update form is within Applications and is available through a new menu choice, ‘Update or Attest your firm’s details’.  The form is in the same format as all other applications in Connect. 

Firms that are not already registered will find this link helpful. 

More information about this new requirement is available here. 

The firm’s ARD will determine when the information is required.

Don’t forget to check Our View about this article and the Actions Required By You

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Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

Firms that are not yet registered on Connect should do so as soon as possible.

Under the SM&CR that came into effect for solo regulated firm on 9 December 2019, Directory data on Certified Persons will also be submitted to the FCA on Connect. This data can be submitted now and must be submitted by 9 December 2020 at the latest.

Action Required By You

  • Register on Connect if your firm has not already done so; 
  • Check your firm’s registered Connect Users and make sure the list reflects correctly the staff within your firm who need to have the ability to complete, amend and submit applications; 
  • Remove from Connect any Users who no longer need to have access;
  • Submit data on Certified Persons as soon as possible and in any event before 9 December 2020;
  • Ask your ATEB Consultant if you would like any further information or assistance or contact ATEB here.
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About the Author

Alistair MacDougall

Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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Compliance

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