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Status: You are viewing the version of the handbook as on 2019-04-01.

SUP 16.25 Claims management reporting

Application

SUP 16.25.1G

1The effect of SUP 16.1.3R is that this section applies to a firm with permission to carry on regulated claims management activities.

Purpose

SUP 16.25.2G
  1. (1)

    1The purpose of this section is to ensure that the FCA receives, on a regular basis, comprehensive information about the activities of firms which carry on regulated claims management activities.

  2. (2)

    The purpose of collecting this data is to monitor firms’ compliance with applicable rules and to assess and identify any emerging risks within the claims management industry.

Requirement to submit Annual Claims Management Report

SUP 16.25.3R

1A firm must submit an Annual Claims Management Report to the FCA annually in respect of the period of 12 months ending on the firm’s accounting reference date.

SUP 16.25.4G

1Firms are only required to disclose in Annual Claims Management Reports information relating to the part of their business which is involved in carrying on regulated claims management activities and ancillary activities, except for questions 13 to 15, 19 to 27 and 30 to 34, which relate to the firm as a whole.

Method for submitting Annual Claims Management Report

SUP 16.25.5R

1A firm must submit an Annual Claims Management Report in the format as set out in SUP 16 Annex 45AR, using the appropriate online systems specified on the FCA’s website.

SUP 16.25.6G

1A firm submitting an Annual Claims Management Report should read the guidance notes available in SUP 16 Annex 45BG.

Time period for submitting Annual Claims Management Report

SUP 16.25.7R

1A firm must submit the Annual Claims Management Report within 30 business days of the firm’s accounting reference date.

Group reporting

SUP 16.25.8R

1If a group includes more than one firm, a single Annual Claims Management Report may be submitted, and so satisfy the requirements of all firms in the group. Such a report should contain the information required from all of the firms in the group, meet all relevant due dates, indicate all the firms on whose behalf it is submitted and give their firm reference numbers. Nevertheless, the requirement to provide a report and the responsibility for the report remain with each firm in the group.