Context
The FCA is introducing multi-factor authentication to strengthen how firms log into FCA systems and to further protect and control access to data. UKGI has published a Bulletin on its Compliance Manual providing some further detail.
Key points to note
Firms will need to authenticate and enter a one-time passcode every time they log into:
- Connect, Reg Data, Fees Portal or Shared Intelligence Service (SIS) – from 20 January 2023.
- Electronic Submission System (ESS) – from 16 February 2023.
Firms will be prompted to register and turn on multi-factor authentication when you log in from 20 Jan 2023 (16 February for ESS).
Next actions
No action is required now as the FCA says that turning on multi-factor authentication at the appropriate time will be quick and easy. However, you may want to refer to the FCA website in advance as there is further information to help firms understand the new process.