There’s no excuse

In this post I shall continue with the theme of how firms fall short of the Financial Conduct Authority’s (FCA) expectations, which can result in follow-up action being taken by the regulator, such as:

– An email direct from the FCA requesting further information.

– A phone call direct from the FCA wanting clarification.

– A visit at the firms premises by the FCA.

– Enforcement action being taken against the firm, which could result in a fine, being struck off the Financial Services Register or even in severe cases imprisonment.

There are so many ways for a firm to breach the FCA’s rules and one of those that drive us mad is when firms fail to meet their RMAR / GABRIEL deadline.

Firms really don’t have any excuses for missing the deadline as the FCA automatically sends email reminders for when they need to be submitted.   Firms then have around six weeks to gather the necessary data and then complete it on the automated GABRIEL system.

An example of an RMAR reporting period is as below:   RMAR – Reporting Start date = 01/04/2014 RMAR – Reporting End Date = 30/09/2014 RMAR – Report due by = 11/11/2014   As stated above this gives a firm plenty of notice and a lot of firms differ in how they complete the return e.g. some complete it all themselves, others outsource it to their accountant or quite a number use a specialist compliance firm like Ecompli to assist with gathering the required data, so that they can then verify it all before it is submitted.

Remember if you submit your return after the due date then you will be liable to pay the FCA an administrative fee of £250.00. The regulator will also monitor repeated late submissions which could ultimately lead to a firm losing its authorisation.

Again to refer back to the core Principles of Business, number 11 (Relations with regulators) starts off by stating ‘A firm must deal with its regulators in an open and co-operative way…’ So at the very least they do expect firms to be fully cooperative and to meet their most transparent of deadlines.

Attributed to Suzanne Gibson, Managing Director of Ecompli

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