Given the impact of coronavirus (Covid-19), the FCA has introduced some temporary measures for firms submitting regulatory returns.
The FCA will allow flexibility in relation to the submission deadlines for the regulatory returns listed below, provided firms submit them by the deadlines set out below. This applies for submissions that are due up to and including 30 June 2020, and also the Employers’ Liability Register compliance return due in August 2020.
For example, if a return is due on 22 May 2020 but a 2-month delay has been allowed, the submission will need to be completed by Wednesday 22 July 2020. If the extended deadline happens to fall on a weekend, the submission should be made by the next working business day.
Returns not included below do not benefit from the flexibility above and firms must submit their data in the usual timeframe.
For small or medium-size businesses (paying less than £10,000 in fees and levies in 2020/2021) the administrative fee for all late returns will not be applied until 30 June 2020 (this also applies to any returns not listed below).
Firms are still expected to submit their return as soon as possible and should firms miss a deadline (in the period up to 30 June), the FCA will send a reminder letter to them.
The FCA will continue to monitor the situation and will keep these changes under review.
SUP 16 handbook returns:
1-month delay allowed for the following returns:
- COR001A (Own funds)
- COR001B (COREP Leverage Ratio)
- COR002 (COREP LE)
- COR003 (COREP NSFR)
- COR005 (Asset Encumbrance)
- FRP001 (FINREP)
- FSA004 (Breakdown of Credit Risk Data)
- FSA005 (Market Risk)
- FSA007 (Operational Risk)
- FSA008 (Large Exposures)
- FSA014 (Forecast Data from Firms)
- FSA017 (Interest rate gap report)
- FSA018 (UK integrated group – Large Exposures (UK integrated group))
- FSA019 (Pillar 2 Information)
- FSA055 (Systems and Controls Questionnaire)
- REP005 (High Earners Report)
- RMA-D2 (Financial Resources)
2-month delay allowed for the following return:
- FIN-A (annual report and accounts)
The FCA will allow firms not to submit the following return for 2020:
- Employers’ Liability Register compliance return
(This means firms are not required to commission an audit or draft a Director’s Certificate, this year. However, the FCA do expect firms to continue to ensure their Employers’ Liability Register is accurate and up to date.)
Other Handbook returns:
2-month delay allowed for the following returns:
- Annual financial reports (as required under Disclosure Guidance and Transparency Rules)
- Credit union complaints return (CREDS 9 Annex 1R)
- Complaints return (DISP Annex 1R)
- Claims management companies complaints return (DISP 1 Annex 1AB)
- Key data from claims management companies (CMC001)
https://www.fca.org.uk/firms/regulatory-reporting/changes-regulatory-reporting-during-covid-19
