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Status: You are viewing the version of the handbook as on 2005-06-30.

SIFA 12.1 Reporting requirements

SIFA 12.1.1G

We need timely and accurate information from firms so that we can carry out our duties under the Act. You are required to send some information as regular reports and some as notifications if and when a particular event occurs. Principle 11 (Relations with regulators) includes a requirement for your firm to disclose anything relating to it of which we would reasonably expect notice. You may be subject to enforcement action if you fail to submit the reports on time ( ENF 13.5).

SIFA 12.1.2G

We are able to build up a picture of firms' circumstances and behaviour by receiving regular reports and the information also helps us to identify where a firm or sector may be experiencing a particular problem.

SIFA 12.1.3G

This is in line with Principle 11 (Relations with regulators) that requires firms to deal with the FSA in an open and co-operative way, and also Principle 4 (financial prudence).

Which reports are you required to submit?

SIFA 12.1.4G

The table below highlights the reports that your firm must send to us each year.

SIFA 12.1.5G

Report

Frequency report is required

Relevant section in the Handbook

Method of Reporting

Annual questionnaire (Financial report)

Yearly - four months after the firm's accounting reference date.

Supervision (SUP) manual SUP 16.7.48R - 16.7.53G

Use the standard form

Complaints report

Twice a year - within one month of the end of each reporting period below:

• 1 April to 30 September

• 1 October to 31 March

Dispute resolution: Complaints (DISP 1.5.6 R)

Use the standard form

SIFA 12.1.6G

You can find the standard forms mentioned above as follows:

  1. (1)

    Annual questionnaire: on our CD-ROM under 'Library, Forms, Supervision Chapter 16, Annex 7R'; or on our website by clicking on 'FSA Handbook', 'Forms', 'Supervision forms' and 'Chapter 16: personal investment firms' reporting forms - Annex 7R'.

  2. (2)

    Complaints report: please see Chapter 11.2 of this Overview on Complaints reporting (paragraph 11.2.5).

SIFA 12.1.7G

And you may need to submit the following reports:

Report

Frequency report is required

Relevant section in the handbook

Method of reporting

Controllers report

Does not apply to firms that are sole traders

Yearly within four months of the firm's accounting reference date

SUP - 16.4.5R

(General information: SUP Chapter 11)

No standard form please write to us

Close links report

Does not apply to firms that are sole traders

Yearly within four months of the firm's accounting reference date.

SUP 16.5.4R

(General information: SUP Chapter 11)

No standard form please write to us

Pension transfers and opt-outs

Every six months no specific start date A nil return not required. There are related quarterly reports required.

Conduct of Business (COB) sourcebook COB 5.3.26 R

COB 5.3.26 R (1A)

No standard form please write to us

Significant management function reports

Yearly by no later than 31 July each year. A nil return is not required

SUP 10.9.8R

No standard from please write to us.

Audited consolidated annual financial statements

Yearly four months after the firm's accounting reference date. This is only required if the firm is a holding company, or if one of its controllers is a company (SUP 16.7.49R Note 1)

SUP 16.7.49R

The firm must submit the statutory accounts of the group to which it belongs.

Time-lines

SIFA 12.1.8G

Below are two time-lines on the reports that you must send to us. The first time-line lists the reports on a firm's accounting-year basis, the second is on a calendar-year basis. Paragraph 12.1.11 below is about the pension transfer and opt-out report, which is submitted on a different basis.

SIFA 12.1.9G

Accounting-year basis

SIFA12.1.9graphic_G1
SIFA 12.1.10G

Calendar-year basis

SIFA12.1.10graphic_G2

Pension transfer and opt-out report:

SIFA 12.1.11G

You will need to notify us every six months in writing of the number of pension opt-out and pension transfer transactions, that you arranged during the previous six months. There is no specified start date but you would need to send us details every six months after your first report unless there have not been any such arrangements.

SIFA 12.1.12G

There are also related quarterly reports, which may apply to you. There are further details in COB 5.3.26 R.

SIFA 12.1.13G

You are required to keep records indefinitely of any notifications of pension transfer and opt-out transactions required by COB 5.3.26 R (1) and (1A).

Where will you find the forms?

SIFA 12.1.14G

You will find the forms:

  1. (1)

    on the FSA CD-ROM by going to 'Handbook' and then clicking on 'Forms' (highlighted in green); or

  2. (2)

    on our website (www.fsa.gov.uk) by going to 'Industry Help' and then clicking on 'Forms'.

SIFA 12.1.15G

You will find the annual questionnaire on our website by clicking on 'Forms', 'Supervision forms' and then 'Chapter 16: reporting requirements - Annex 7R'. There are two questionnaires there, but you will need the one entitled 'Annual questionnaire for small personal investment firms'.

Where are the relevant Handbook sections?

SIFA 12.1.16G

The following sections of the Handbook are relevant:

  1. (1)

    The table at section 13.1.6 above includes the relevant Handbook sections.

  2. (2)

    The general provisions on reporting to the FSA: SUP 16.3.

  3. (3)

    The requirements for personal investment firms completing reports: SUP 16 Annex 7 and SUP 16.7.48 , SUP 16.7.53 .

  4. (4)

    Guidance on completion of the Annual Questionnaire is at SUP 16 Annex 8 .

How do you submit the reports to us?

SIFA 12.1.17G

You may be required to send a report to us in a particular way; however usually the following methods may be used (SUP 16.3.9 ) :

  1. (1)

    electronic mail;

  2. (2)

    post;

  3. (3)

    hand delivery; or

  4. (4)

    fax - (if you deliver by fax you must also send the report by one of the methods above within five working days. You should also check the particular requirements for the report).

Other issues

SIFA 12.1.18G

If your firm holds client money or assets you should consider whether the following reporting requirements are relevant:

  1. (1)

    SUP 3.10 details when an auditor would need to submit a client assets report;

  2. (2)

    There are notification requirements at COB 9.1.97, COB 9.3.98 and in COB 9.5. You should also check the notification requirements in Schedule 2 to COB.

SIFA 12.1.19G

The following sections are also relevant:

'Complaints reporting to the FSA' - Chapter 11.2 of this Overview;

'Notifications' - Chapter 12.2 of this Overview; and

PRIN 2.1 in the Handbook