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Reminder: Update & Confirm Firm Details Annually Via Connect

Firm Details Check: Mandatory Connect Reporting Reminder

24 February 2020

All firms that are subject to the SUP 16.10 rules are now required to review and confirm their Firm Details annually within 60 business days of their Accounting Reference Date. You can now only complete this regulatory requirement online via the FCA’s Connect platform. Firms should note that even if your details have not changed since your last return, you will still need to log into Connect and make the annual confirmation that they are up to date.

As previously written about, the use of Connect is now mandatory for Firms undertaking this annual regulatory requirement. Those firms with an Annual Reference Date of 31 December are fast running out of time in order to register for Connect and make the necessary submissions before the 60 business day deadline.

The FCA have stressed in their recent Regulatory Round-up that for those who fail to comply, they will “consider using [their] full regulatory tools – including enforcement”.

In addition the FCA reminds all firms of their obligations to meet the principles for businesses, including principle 11 (relations with regulators), which outlines that a firm must deal with its regulators in an open and cooperative way, and disclose firm information.

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