Prudential Regulatory Reforms – FCA ‘Dear CEO’ Letter
CEOs of IFPRU investment firms and BIPRU Firms will have received a ‘Dear CEO’ letter from the FCA requesting that they review their firm’s regulatory reporting practices.
This has arisen following the FCA’s observations with Regulatory returns and failures to:
- Satisfactory completed the required COREP submission templates due to an inadequate understanding of the Prudential Rules
- Satisfactory submit particular Returns, such as the Financial Reporting (FINREP) Return
The FCA states the CEOs of IFPRU Investments Firms BIPRU Firms to review their Regulatory Reporting Practices and ensure that they are fit for purpose, adhere to the relevant reporting provisions ad produce materially accurate data.
With effect of 10 October 2018, the FCA will regularly review a sample of Firm’s Returns. Where the Regulator deems the Firms continue to submit materially inaccurate, incomplete and/or quality data, it will consider next steps to improve the materially improve standard of returns.
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