STANDING DATA CHECK

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.

Under the terms of the FCA Threshold Condition 2.3 – Effective Supervision, all firms directly authorised with the FCA must periodically check their standing data.

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. Get hassle-free standing data checks to maintain your FCA compliance.

The FCA Handbook states that all authorised financial service providers must check the accuracy of their standing data within 30 business days of its accounting reference date. If any standing data is found to be outdated, firms must file the updated standing data to the FCA using the appropriate forms.

Richdale’s experienced compliance consultants are well-versed in helping financial services clients maintain their compliance with FCA standards. We can undertake periodic standing data checks on your behalf to keep the FCA firmly in the loop regarding the nature of the financial products you supply and the complexity of your business.

Common standing data that we check on the FCA Register

Our team will go through your firm’s standing data on the FCA Register with a fine-tooth comb, including:

• Contact details;
• Individuals holding a controlled function;
• Appointed representatives or agents;
• Active FCA permissions;
• Trading names.

We won’t just check the FCA Register either; we’ll review the data held within FCA CONNECT system too.

It’s not up to the FCA to get the information they hold on your business correct. Take responsibility and work with our consultants today to maintain your firm’s standing data with the FCA.

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