Notice of upcoming FCA mandatory information request – Wealth Management & Stockbroking
What has happened?
In September 2022, the FCA provided advanced notice of a mandatory (section 165) information request that certain firms will receive in early October and will have up to eight weeks to complete.
What do you need to do?
Firms in scope will receive this information request via an online survey link since the FCA understands them to be active in the wealth management and stockbroking sector. The information that the FCA will gather through this work is intended to enhance its ability to monitor key risks of harm in the sector and support its data-driven supervision of firms.
The FCA wrote to in-scope firms on 16 September 2021 to provide an update on its view of key harms in the wealth management and stockbroking sector, its expectations of firms, and a summary of the work it intends to do. The letter highlighted that use of high-quality data is fundamental to the FCA’s regulatory strategy, and that it expects firms to maintain appropriate systems and controls to facilitate the production and reporting of high-quality data on a timely basis.
Earlier this year, the FCA conducted a pilot phase of this information request, issuing an online survey to 80 firms in the wealth management and stockbroking sector. As a result of feedback from the pilot firms, it has refined the survey to reduce its length, complexity, and subsequent burden on firms.
The survey will be issued under section 165 of the Financial Services and Markets Act 2000 and therefore will be mandatory for firms to complete by the deadline, which will be specified in communications that will follow.
How can we help you?
If you’d like to know more about how we can help you with your FCA reporting and information request arrangements, or any other regulatory compliance issues, our specialist team is here to help. Contact us today on 0207 436 0630 – or email info@thistleinitiatives.co.uk.