Currently, certain written reports are submitted to the FSA outside of GABRIEL via alternative methods, such as post, hand delivery, email or fax.
There is a dedicated central reporting team that handles the regulatory data received via these alternative methods. However, as a result of the current rule, firms who have a dedicated supervisory contact usually address their written reports accordingly, with the result that these reports are not being received by the dedicated team, according to the regulator.
“This current mechanism creates inconsistencies in the way in which we collect regulatory data. We are keen to ensure that all regulatory data received is collected centrally before onward transmission to the firm’s usual supervisory contact,” the FSA said.
It now proposes removing the rule stating that a written report must be ‘given to or addressed for the attention of the firm’s usual supervisory contact’. Instead, it intends to require all such written reports to be delivered to the central reporting team.
The FSA added: “It is expected that, in time, this rule change will also enable us to enhance our intrusive supervisory regime by improving the enforcement of reporting deadlines.
“A simplified method of collecting regulatory reports should allow the central reporting team to monitor submissions from all firms, facilitating the consistent application of the rule that allows us to levy an administrative fee on firms who fail to submit their reports on time.”
