From January 2020, firms will need to use Connect to send FCA their firm details – also known as a mandatory annual update. FCA will be asking firms to register for Connect now, in preparation, and will give them the information they need to register, such as their firm registration number.
FCA will be emailing, calling and writing to firms that are not currently Connect users to encourage them to sign up to Connect.
Further information can be found on the FCA’s website:
- Information about how to register
- Helpful tips for registering
- Video about how to register for Connect
- Firms can also call FCA for help registering on 0300 500 0597
From January 2020, firms will be required to review and confirm the accuracy of their firm details annually, in line with their Accounting Reference Date (ARD). They will have to do this using Connect. Even if firms’ details have not changed from the previous year, they will still need to log on and confirm that they are up to date.
FCA consulted on these changes 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. Connect also be used by firms to submit applications and notifications, such as approved persons, appointed representatives and MiFID II notifications.
For more details, please visit: https://www.fca.org.uk/news/news-stories/firms-need-register-connect-update-their-firm-details