Standing Data Check & Attestations
What is standing data?
Put simply, standing data is all the critical data about your business that is stored within the FCA Register and on CONNECT, the FCA’s user management system.
It is the responsibility of all active financial service providers in the UK to ensure that all the information held by the Financial Conduct Authority (FCA) on their businesses is correct and up-to-date and all businesses directly authorised with the FCA must periodically check their standing data.
The FCA Handbook states that all authorised financial service providers must check and attest to the accuracy of their standing data within 60 days of its accounting reference date. If any standing data is found to be outdated, businesses must file the updated standing data to the FCA using the appropriate online form.
Our team will handle these attestations on your behalf by reviewing all of the relevant data of your firm and making any necessary updates in a timely manner.
It’s not up to the FCA to get the information they hold on your business correct. Take responsibility and work with our associates today to maintain your businesses standing data with the FCA.
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The mandate of the FCA includes protecting consumers, keeping the financial industry stable, and encouraging and promoting a healthy competitive environment between financial service providers.
To assist in achieving this mandate it is essential that FCA can collect, validate and store all regulatory data received from authorised and regulated financial service firms in the UK.
GABRIEL is the FCA’s online system for collecting and storing regulatory and financial data on all financial service providers across the UK. GABRIEL, which stands for GAthering Better Regulatory Information Electronically, has been in use since 2008. A Directly Authorised (DA) firm will be required to make electronic submissions to the FCA via GABRIEL.
GABRIEL reporting is an essential part of a firm’s compliance requirements and the consequences of late or incomplete submissions include fines, and in certain instances the FCA’s cancellation of a firm’s permission.
Our team has extensive experience in regulatory reporting and can together with your support, accurately complete all GABRIEL reports on your behalf, well ahead of their due dates.