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TC 2.2B Reporting requirements


TC 2.2B.1R

1This section applies to a firm with employees that are retail investment advisers.


TC 2.2B.2G
  1. (1)

    The purpose of this section is to set out the requirement for firms which employ retail investment advisers to notify each individual retail investment adviser's professional standards data to the FCA.

  2. (2)

    The purpose of collecting this data is to assist the FCA in the ongoing supervision of firms which employ retail investment advisers and to enable the FCA to gain an understanding of the professional development of individual retail investment advisers in the interests of protecting customers.

Reporting requirement

TC 2.2B.3R
  1. (1)

    A firm must submit a report (the ‘data report’) to the FCA containing the information required by TC 2.2B.4 R quarterly, within 20 business days of the end of the quarter, unless (3) applies.

  2. (2)

    The reporting periods are the four calendar quarters of each year beginning on 1 January.

  3. (3)

    A firm need not submit a data report if no changes have occurred in relation to the information submitted by the firm in its previous report.

  4. (4)

    A firm may submit a data report more frequently than quarterly if it wishes.

Content of the report

TC 2.2B.4R

The report must contain professional standards data as follows:

  1. (1)

    the firm's name and Firm Reference Number;

  2. (2)

    the names3 of the firm's employees who are retail investment advisers, including trainees;

  3. (2A)

    the following information in respect of the employees in (2):3

    1. (a)

      the employee’s Individual Reference Number (IRN); or3

    2. (b)

      in the case of an employee of a relevant authorised person who is performing an FCA-specified significant harm function and has no IRN:3

      1. (i)

        the employee’s National Insurance (NI) number and date of birth; or3

      2. (ii)

        if the employee has no NI number, the employee’s date of birth, current passport number and nationality;3

  4. (3)

    whether a retail investment adviser has attained an appropriate qualification;

  5. (4)

    if a retail investment adviser has not attained an appropriate qualification, the date on which the employee began to carry on the activity of a retail investment adviser;3

  6. (5)

    the name of the accredited body used for the purposes of TC 2.1.27 R; and3

  7. (6)

    whether the firm has assessed a retail investment adviser as competent for the purposes of TC 2.1.1R.3

TC 2.2B.5R

The data report must comply with the provisions of TC Appendix 8R.

TC 2.2B.6R

A firm must submit the data report to the FCA electronically in a standard format prescribed by the FCA.

TC 2.2B.7R

A data report will not have been submitted to the FCA in accordance with TC 2.2B.6 R unless all mandatory data reporting fields (as set out in TC Appendix 8R) have been completed correctly and the report has been accepted by the relevant FCA reporting system.