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 reminds firms to complete the S165 data collection on Appointed Representatives before 28th February 2023

Link(s):Section 165 request for principal firms | FCA

Context

The FCA has asked us to remind our members that the S165 data collection on Appointed Representatives must be completed before 28th February 2023. Failure to complete the request could lead to enforcement action.

Key points to note

The FCA will be issuing a schedule of reminders during January and February, to firms that are yet to submit. Firms’ progress is also being monitored with the data collection.

Initial analysis of the data received by the FCA shows some of the most common errors when submitting the data include:

  1. Firms failing to submit details for all of their ARs and
  2. Firms submitting the wrong FRN for their ARs:
    • Submitting their own FRN as that of the AR
    • Noting the FRN of a different AR in the submission
    • Using an old FRN of an AR (for example if the AR used to be directly authorised and then became an AR, and acquired a new FRN in the process)

Firms can double check their AR population details against the Financial Services Register.

The removal of these errors will mean the data is more accurate and the FCA will not have to contact firms for the correct data.

Next actions

If your firm has any Appointed Representatives or Introducer Appointed Representatives registered, ensure you complete the S165 request before the deadline.