In order to discharge its functions under the Act, the FCA1 needs timely and accurate information about firms. The provision of this information on a regular basis enables the FCA1 to build up over time a picture of firms' circumstances and behaviour.666
Principle 11 requires a firm to deal with its regulators in an open and cooperative way, and to disclose to the FCA1 appropriately anything relating to the firm of which the FCA1 would reasonably expect notice. The reporting requirements are part of the FCA1 approach to amplifying Principle 11 by setting out in more detail the information that the FCA1 requires. They supplement the provisions of SUP 2 (Information gathering by the appropriate regulator6 on its own initiative) and SUP 15 (Notifications to the FCA1). The reports required under these rules help the FCA1 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.66666666666
Status: You are viewing the version of the handbook as on 2016-10-03.