YOUR COMPLIANCE MATTERS – Additional RegData return from January 2024

YOUR COMPLIANCE MATTERS – Additional RegData return from January 2024

Relevance:             All Firms.

Action required:     Awareness only, no immediate action.

The FCA has published a Policy Statement, PS 23/3 PS23/3: Creation of a baseline financial resilience regulatory return: Feedback to CP22/19 and final rules (fca.org.uk)

The Financial Resilience Surveys (previously Covid Financial Resilience Surveys) , which the FCA has been requesting on a regular basis, will no longer be required after the end of 2023.

These will be replaced by a reduced report to be completed on a quarterly basis, in line with the firm’s financial year end, to be submitted via RegData. The return needs to be submitted within 20 business days of the end of the reporting period.

The Policy Statement confirms the information requirements, as follows:

1 Total amount of liquid assets that you control or have unrestricted access to

2 Average monthly cash needs arising from fixed costs.

3 Net profit or loss in the last quarter

4 Revenue for the financial year to date

5 Net asset or liability position

They have also provided guidance notes on the information required which will sit behind the data sheets in the RegData system (the guidance is included in the Policy Statement).

Unfortunately, this means that the number of scheduled reports to be completed each year continues to increase (although the irregular nature of the ad hoc Resilience Surveys will now be given some structure).

Once the reports become available, we will of course provide any assistance needed in completing them. They will appear in your normal reporting schedule, and you will receive reminders of the due date from the FCA.

We are happy to discuss any specific issues that you may have so please get in touch with your usual contact.