1The FCA attaches considerable importance to the timely submission by firms of reports required under FCA rules. This is because the information contained in such reports is essential to the FCA's assessment of whether a firm is complying with the requirements and standards of the regulatory system and to the FCA's understanding of that firm’s business. So, in the majority of cases involving non-submission of reports or repeated failure to submit complete reports on time, the FCA considers that it will be appropriate to seek to cancel the firm’s permission. Where the FCA does not cancel a permission, it may take action for a financial penalty against a firm that submits a report after the due date (see DEPP 6.6.1 G to DEPP 6.6.5 G).
Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.