Financial Planners and advisers can now access a single point of sign in with the FCA for regulatory reporting tasks, including submitting regulatory data and paying fees.
My FCA is a new portal for registered and authorised firms, replacing the previous system which required firms to sign in to three different systems.
Jessica Rusu, the FCA's chief data, intelligence and information officer, said: “We’ve listened to feedback and created a simple, clear and easy way for firms to meet their regulatory obligations.”
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Firms need to sign at My FCA with their existing details for direct access to Connect and RegData scheduled tasks. Each task has a due date and status to show what needs to be completed and when.
Firms authorised under the Financial Services and Markets Act (FSMA) solely or dual regulated by FCA or the Prudential Regulation Authority (PRA) must sign in.
Regulatory requirements mean that, each year, firms must check, amend (if required) and confirm their firm details within 60 business days of the firm’s financial year end using the FCA’s Connect system.
Even if details have not changed from the previous year, firms still need to log into Connect and confirm that the details are accurate.
If details are not confirmed within 60 working days of a financial year end, firms will receive a late return notification and a £250 late return fee. The FCA may also take enforcement action.
Firms who have appointed representatives (ARs) are also required to review and confirm details of their ARs within the FDA form.
The FCA said it is not mandatory to sign in via My FCA, however it encourages firms to use My FCA to complete their scheduled tasks.
Firms can use My FCA Monday to Friday from 7am to 10pm, Saturday and Sunday from 8am to 5pm.
The regulator said: “We will add more functionality and features over time to MyFCA.”
