The FCA is to enhance its dealing with of regulatory returns after the Complaints Commissioner upheld a criticism towards the watchdog.
The FCA plans adjustments to its Gabriel returns submission dealing with to incorporate a brand new reminder system when partially accomplished returns to the FCA are saved however not submitted.
The Complaints Commissioner upheld a criticism from a regulated agency which was fined for late submission of a return although the return had been saved, though not formally submitted.
The Complaints Commissioner, the official physique dealing with complaints towards the FCA, has really useful the physique enhance its processes in order that attestations which can be saved by not submitted are flagged up to allow them to be accomplished in good time.
Within the case upheld, the FCA has agreed to waive its ‘late notification’ charge after the saved return was not formally submitted.
The so-called ‘save and exit’ drawback happens when regulated corporations are nonetheless engaged on returns which have but to be submitted. Corporations submitting returns late are vulnerable to fines.
The problem resolved round regulated corporations saving {a partially} accomplished return or attestation which was then not accomplished or formally submitted. Due to this the doc was not marked as completed by the FCA however no clear warning was given the regulated agency making the submission.
Within the Complaints Commissioner’s Report (202300548), the Commissioner says the FCA has accepted it ought to waive the late notification charge and it has carried out this.
Within the Commissioner’s Last Report, the Commissioner informed the complainant: “I additionally really useful that, along with the Information and Technique & Companies group passing in your suggestion to the related groups to have a reminder system put into place to ship an e-mail when a agency’s attestation is left partially accomplished, that the FCA should additionally enhance the Join system to implement the flag system that it used on its Gabriel system to alert customers when knowledge had solely been saved and never submitted”.
In its Last Report the Commissioner added: “… I’d ask that the FCA maintain me up to date each couple of months on the event and deployment of this new system and supplies particulars of what steps have been taken to keep away from the ‘save and exit’ state of affairs being repeated on the brand new platform.”
The FCA stated in an announcement: “We settle for the Commissioner’s advice in precept and suggest to include the adjustments into improvement into a brand new system.
“We settle for the Commissioner’s advice and can maintain the Commissioner up to date each six months on the event and deployment of the brand new system.”
