Teaming up with... AVIVA

Welcome to the UKGI weekly regulation update service for Aviva ABC brokers

We hope you find the Updates useful. If you are
interested in subscribing to our affordable
ABC compliance support package, please
email us at ABC@ukgigroup.com or
call UKGI on our dedicated ABC
contact line 01925 767893.

FCA confirms it will be updating the Firm Details Attestation

Sep 20, 2024 | FCA

Link(s):N/A

Context

The FCA has written to the Association of Professional Compliance Consultants (APCC) which has, in turn, written to us at UKGI as APCC members.  The FCA’s notification is in relation to “Changes to the Firm Details Attestation Form”.  The FCA has announced that it is improving the Firm Details Attestation (FDA) form as part of its commitment to enhancing Authorisation forms.

Key points to note and next actions

The FCA plans to begin rolling out the enhanced FDA form gradually later this year.

Key changes to note:

  1. Using Companies House records on the FCA’s systems
    • The FCA will use the registered name, registered office address, and financial year-end held by Companies House on its systems, as Companies House is the official repository of this information.
    • Firms registered with Companies House must review this information and make sure it is correct as soon as possible.  Failure to update this Companies House information could delay firms’ FDA submissions and result in a late return fee of £250.
    • The FCA will e-mail all impacted firms before implementing this change.
  2. Enhanced field validation and verification
    • Firms may encounter error messages on pre-existing information due to strengthened validation and verification checks the FCA is introducing. The form will guide firms on how to correct these.
  3. Enhanced navigation, guidance and accessibility
    • The form will feature an intuitive layout, clear guidance, and improved accessibility options, making it easier for all users to navigate.

What do firms need to do?

  • Review their details on Companies House: Firms should check their registered name, registered office address, and financial year-end date on the Companies House website. 
  • Update their details: If any details are incorrect at Companies House, firms should update them directly on the Companies House website. 

Having up-to-date data is a regulatory requirement under SUP 16.10 and is vital for maintaining the integrity of the UK’s financial systems. The changes to the FDA form will contribute to a more efficient, straightforward user experience and strengthen the accuracy of data published and shared with consumers on the Financial Services Register.

The FCA would encourage firms to sign up to its newsletter for more updates.