Regulatory Reporting

If you are currently an FCA interim permission business or you have recently received full authorisation (full and limited permissions) you need to be aware of the on going regulatory reporting requirements.

This post should be of interest to consumer credit lenders, brokers, debt administration, debt collectors, car finance, hires and MCD secured mortgage lenders and brokers.

Once you become fully authorised by the FCA they require you to begin reporting information online on a regular basis, every six months or annually depending on the nature and size of your business.

The FCA use this information to calculate annual fees and to support their supervisory work. Beware there are fines and potential enforcement action for late returns.

There are three key areas to consider:

1. Connect – is the online system firms used to complete and submit the FCA applications. Once you receive your full permissions you need to use your firms approved persons IRN number (or registration key) to register and access the full connect system. Once you have registered the system allows for the following changes:

– Approved Persons
– Variation of Permissions
– Cancellations
– Standing Data
– Appointed Representatives
2. Gabriel- is the online reporting system which firms must use to submit regulatory reporting data. The reporting requirements are subject to strict time limits. If firms do not meet these time limits, they will be charged an administrative fee of £250. If a firm does not submit the information required the FCA may take enforcement action, which can mean the firm loses its permission to carry out regulated activity.

When your firm receives full authorisation you will need to register as a new user to Gabriel, the system will display the reportage schedules for your firm and there is a helpful (essential) 55 minute training session available to help new users.

Depending on the firms permissions you will need to report on relevant data on the following (Limited permission firms only report on CCR007).

– Financial data CCR001
– Volumes (CCR002)
– Lenders (CCR003)
– Debt Management (CCR004)
– Client Money and Assets (CCR005)
– Debt Collection (CCR006)
– Key Data (CCR007)
(note product sales data PSD will not be required till after March 2017)

3. invoicing – On line invoicing gives you access to your fees account and payment history.

– Access to your fee account online
– Immediate email notification of your invoices and credit notes.
– Ability to track three years history
– Facility to query invoices online
– Reminder letters
– Fee tariff request reminders
Regulatory Reporting has broad implications for all regulated firms, this post is intended to assist Consumer Credit and MCD second charge firms understand the key changes that they will need to incorporate into their day to day activities.

If you require further information on Regulatory Reporting please contact Gordon Docherty at Internal Control Ltd on 07597 386728. or visit the website www.internalcontrol.co.uk