5 . Strengthen Data Collection and Reporting
Make sure your reporting systems are solid and can produce accurate , up-to-date reports for the FCA . Your data collection should also align with the latest FCA and SMCR reporting requirements .
6 . Keep Detailed Records
Ensure your records — covering financials , risk exposure , third-party contracts , training , and more — are well-organized and kept for at least five years before being discarded .
7 . Ongoing Compliance Training
Regularly update your team with training on compliance , new FCA regulations , and customer fairness standards . Everyone responsible for compliance should feel confident in their role , empowered to raise concerns , and equipped to handle evolving regulations .
8 . Take Ownership of Compliance
Ultimately , compliance is your responsibility . If the FCA identifies issues , be ready to take accountability and address any concerns swiftly .
RegData reporting is how the FCA keep track of you and your firm and determine if there is a need for further investigation . Here we lay out how you can work in the best way possible to avoid this eventuality .
6 Simple Tips For Keeping On Top Of Your FCA Reporting
1 . Keep bookkeeping up to date
The clear advantages to doing this include less items to enter , use of the software is fresh in your memory , there are less items to check if balances do not agree to statement , and importantly it will take minutes of your time if done weekly , as opposed to hours of your time twice annually !
2 . Delegate to a bookkeeper
Your time is precious and should not be spent on tasks that you can easily outsource at a lower hourly cost than your own . The time freed up allows you to generate more income than the bookkeeper costs .
Doing so ensures each years starting point agrees with the accounts filed at companies ’ house .
4 . Update the staff register
As staff join and leave , it is important that you update your staff register so it is always current . Doing so at the point staff join and leave also means you keep a track of start and end dates for employees , which can quickly be forgotten if not properly recorded at the time .
5 . Keep on top of other RegData filings the FCA may require that are not part of MyRegData
REP008 31 / 08 Disciplinary Schedule REP019 31 / 12 GI Value Measures REP021c 30 / 06 31 / 12 GI Pricing REP021d 30 / 06 31 / 12 GI Pricing REP021e 30 / 06 31 / 12 GI Pricing
6 . Baseline Resilience Report – keep track of the items you need to complete this report quarterly :
a . Total amount of liquid assets that you control or have unrestricted access to
b . Average monthly cash needs arising from fixed costs
c . Net profit or loss in the last quarter d . Revenue for the financial year to date e . Net asset or liability position
Following these six simple suggestions will make your working life much more straightforward , and coupled with using MyRegData as your filing solution , consign the stress and time taken from profitable tasks to the dustbin once and for all .
CONTACT MYREGDATA ON 0161 413 5070 OR SALES @ MYREGDATA . CO . UK – WEB : WWW . MYREGDATA . CO . UK
3 . Companies and LLPs have some additional tasks to complete
It is essential that you update the system to agree with filed accounts annually – if there is a discrepancy , the FCA will raise questions or disallow your return .
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