The FCA has published a Dear CEO letter that requests CEOs of IFPRU investment firms and BIPRU firms to review their firm’s regulatory reporting practices.
The FCA reports that the most common issues it has observed with returns include failure to:
- complete the underlying templates within the COREP submissions due to inadequate understanding of the prudential rules; and
- submit certain returns, such as the Financial Reporting (FINREP) return.
The FCA states that CEOs of IFPRU investment firms and BIPRU firms should review their firm’s regulatory reporting practices to ensure that they are fit for purpose, comply with the relevant reporting provisions and produce materially accurate data.
The FCA will, as of 1 October 2018, review a sample of firms’ returns. If it finds that firms continue to submit materially inaccurate, incomplete and/or poor quality data, it will consider next steps to improve the standards of returns.
View FCA Dear CEO letter on quality of prudential regulatory returns, 19 February 2018