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Following the association’s previous communication to members on the new (Financial Conduct Authority (FCA) new reporting requirements for firms with Credit Broking permissions, the BVRLA has developed a practical checklist to help members navigate these changes.
The checklist is designed to support members in understanding the updated requirements, including when the report will be due and how the reporting obligations will apply on an annual basis. The resource will help provide additional clarity ahead of the first reporting deadline.
The BVRLA encourages members to make use of the FCA’s data flow tool, which enables firms to see exactly how the reporting requirements apply to their specific permissions and activities.
Members are also advised to be aware that the report may require the submission of data that is not readily available within existing systems. As a result, the association recommends that members allocate sufficient time and internal resource well in advance of the reporting window opening, to ensure they are fully prepared to meet the FCA’s expectations.
Any questions can be sent to [email protected].
