FCA: Firms need to register for ‘Connect’ to update their ‘firm details’

Regulatory Updates | 13/10/19

From January 2020, regulated firms will be required to review and confirm the accuracy of its ‘Firm Details’ (previously known as ‘Standing Data’) annually, in line with its Accounting Reference Date (ARD). Firms are required to do this using ‘Connect’, the FCA’s online applications and notifications system.

Important: even if the firm details have not changed from the previous year; firms will still need to log on to ‘Connect’ and confirm that they are up to date.
Firm details (previously known as Standing Data) are basic information the FCA hold about a firm and publish on the Financial Services Register.

The FCA consulted on these changes to the firm details rules in December 2018. If firms do not submit their firm information annually, they will be failing to comply with both the enhanced firm details rules and the principles for businesses.