Context
Principle 11 requires a firm to deal with its regulators in an open and cooperative way and to disclose to the FCA appropriately anything relating to the firm of which the FCA would reasonably expect notice. It is important that when the FCA receives these notifications, they are assessed within a short timeframe and escalated appropriately to the correct area for immediate attention, depending on the risks posed to the firm and/or consumer.
Key points to note and next actions
To improve the efficiency of this notification process, the FCA has created a new webform for submission of the notification form. Here, it will ask for more details of the issue being notified before firms upload their submission, which will allow the FCA to identify any high-risk concerns which may need prompt escalation.
Firms will be required to provide the contact information of the individual submitting the notification alongside the following:
- Firm name and reference number
- Details of the approved person or appointed representative (if relevant)
- Whether the notification is a breach or for information only
- Category of issue (drop down options will be supplied)
- Summary of issue
This new webform has now been released. Please refer to the webform when submitting a SUP 15 notification.