In order to discharge its functions under the Act, the appropriate regulator5 needs timely and accurate information about firms. The provision of this information on a regular basis enables the appropriate regulator5 to build up over time a picture of firms' circumstances and behaviour.5
Principle 11 requires a firm to deal with its regulators in an open and cooperative way, and to disclose to the appropriate regulator5 appropriately anything relating to the firm of which the appropriate regulator5 would reasonably expect notice. The reporting requirements are part of the appropriate regulator's5 approach to amplifying Principle 11 by setting out in more detail the information that the appropriate regulator5 requires. They supplement the provisions of SUP 2 (Information gathering by the appropriate regulator5 on its own initiative) and SUP 15 (Notifications to the FCA or PRA5). The reports required under these rules help the appropriate regulator5 to monitor firms' compliance with Principles governing relationships between firms and their customers, with Principle 4, which requires firms to maintain adequate financial resources, and with other requirements and standards under the regulatory system.55555
Status: You are viewing the version of the handbook as on 2016-02-03.