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FCA Regulatory Reporting Requirements


FCA reporting
FCA reporting


In the complex and highly regulated landscape of the United Kingdom's financial industry, stringent financial reporting obligations are imposed by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) on a wide array of regulated firms.


This article aims to provide an examination of the specific reporting requirements and forms pertinent to each sector, including banks, electronic money institutions (EMIs), payment institutions (PIs), insurers, mortgage providers, consumer credit firms, and investment firms.



I. Banks


  1. COREP (Common Reporting) and FINREP (Financial Reporting):

  • Requirements:

  • COREP focuses on regulatory capital, credit risk, market risk, operational risk, and large exposures.

  • FINREP deals with financial statements, providing detailed information on the bank's financial position, performance, and risk exposure.

  • Submission Details:

  • Both reports are submitted quarterly and annually, with quarterly submissions due 40 calendar days after the end of each quarter.

  1. PRA110 (Liquidity Reporting):

  • Requirements:

  • Detailed breakdown of liquidity positions, including cash flow projections and concentration of funding.

  • Submission Details:

  • Monthly submission within 15 business days from the end of the month.

  1. Banking Return (Various Prudential Filings):

  • Requirements:

  • Covers a range of prudential information including capital adequacy, large exposures, leverage ratio, and more.

  • Submission Details:

  • Frequency varies by form, with some submitted quarterly and others annually.



II. Electronic Money Institutions (EMIs) and Payment Institutions (PIs)


  1. EMI001 and EMI002 for EMIs, REP001 for PIs (Capital Requirements):

  • Requirements:

  • Details on own funds, capital requirements, and a breakdown of activities.

  • Submission Details:

  • Annually, within two months of the financial year-end.

  1. Transaction Monitoring (AML Reporting):

  • Requirements:

  • Robust transaction monitoring systems to identify and report suspicious activities.

  • Submission Details:

  • Ongoing, as and when suspicious activities are identified.



III. Insurers

  1. SFCR (Solvency and Financial Condition Report):

  • Requirements:

  • Comprehensive information on solvency, risk profile, valuation for solvency purposes, and governance.

  • Submission Details:

  • Annually, within seven months of the financial year-end.

  1. QRTs (Quantitative Reporting Templates):

  • Requirements:

  • Detailed quantitative data on various aspects, including balance sheet, own funds, technical provisions, and more.

  • Submission Details:

  • Quarterly and annually, with different deadlines for each template.



IV. Mortgage Providers

  1. REP001 (Prudential Reporting):

  • Requirements:

  • Detailed information on capital adequacy, risk exposures, and other prudential aspects.

  • Submission Details:

  • Frequency varies; typically quarterly.

  1. Consumer Credit Reporting (CONC Forms):

  • Requirements:

  • CONC 3.3 focuses on reporting on creditworthiness assessments.

  • CONC 5 relates to affordability assessments.

  • Submission Details:

  • As required by the FCA, typically quarterly or annually.



V. Consumer Credit Firms

  1. CONC Reporting:

  • Requirements:

  • Detailed reporting on affordability assessments and creditworthiness checks.

  • Submission Details:

  • As required by the FCA, typically quarterly or annually.

  1. FCA Returns (Forms REP001 and RMA-CF):

  • Requirements:

  • REP001 covers prudential information, and RMA-CF pertains to conduct risk and financial crime.

  • Submission Details:

  • Frequency varies, typically quarterly and annually.



VI. Investment Firms

  1. MiFID II Transaction Reporting (RTS 22):

  • Requirements:

  • Detailed reporting on executed transactions, including instrument details and trade characteristics.

  • Submission Details:

  • Ongoing, typically within one day of the transaction.

  1. Costs and Charges Disclosures:

  • Requirements:

  • Disclosure of all costs and charges associated with investment services.

  • Submission Details:

  • Annually, within 30 days of the end of the reporting period.

  1. COREP and FINREP (CRD IV Reporting):

  • Requirements:

  • Similar to the reporting for banks, covering regulatory capital, credit risk, market risk, and operational risk.

  • Submission Details:

  • Quarterly and annually, with varying deadlines.



Conclusion


Meeting these form-specific requirements is crucial for regulatory compliance. Regulated firms should not only understand the intricacies of each form but also ensure that they have robust systems in place for accurate and timely submissions. By doing so, these firms can demonstrate their commitment to financial transparency, stability, and regulatory adherence in the UK financial services market.



About Buckingham Capital Consulting


At Buckingham, we pride ourselves on being at the forefront of regulatory compliance and risk management. Our seasoned team of experts comprises professionals with extensive experience in the financial services industry, possessing in-depth knowledge of the evolving regulatory landscape. With a keen understanding of the unique reporting requirements across diverse sectors, we are well-equipped to guide our clients through the intricacies of regulatory obligations.


For more information, feel free to reach out to us at 020 7866 2512, email us at info@buckinghamcapitalconsulting.co.uk, or explore our offerings on our website at www.buckinghamcapitalconsulting.com.



Our regulatory reporting services


  • Regulatory reporting

We can help prepare and manage regulatory reporting on your behalf. This includes reporting accounts, complaints, client money reports and more. We can advise you on the intricacies of each form, providing detailed insights into the specific requirements applicable to your sector. Whether it's COREP, FINREP, PRA110, or MiFID II Transaction Reporting, we offer guidance tailored to your unique needs.


  • Reporting changes to your business model or scope of permissions

We can help define the regulated aspects of your business and ensure that your licence permissions accurately reflect this. We can also help with variation of permission applications.


  • Comprehensive reporting assessments

We can conduct thorough evaluations of your existing reporting frameworks, identifying strengths and weaknesses, enhancing your reporting accuracy and efficiency.


  • SMCR reporting

We can help with reporting related to the SMCR requirements.


We can help prepare and manage annual accounts and financial reports to regulatory bodies.


We can help firms submit their annual client asset reports. 


  • Complaint reporting

As per DISP rules, we can help prepare and submit your reports on the volume of complaints.


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