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.
Ensuring the fair treatment of customers in vulnerable circumstances
Richard Foster Compliance 2021, 2022, complaints, FCA, Pension, Pension Transfer, PI, TCF, transfer, vulnerable
With Consumer Duty requirements set to take effect in Q2 2023 and ahead of the final rules being published – expected in July 2022 – firms should consider the FCA’s findings in relation to how firms are dealing with vulnerable customers so far. In February 2021, the FCA published FG21/1 ‘Guidance for firms on […]