FCA calls for firms to register for Connect platform
Firms will need to register for Connect in order to send the FCA their details – also known as a mandatory annual update.
The UK Financial Conduct Authority (FCA) has urged entities it regulates to register for the Connect platform.
This has to be done so that firms will then send the regulator theit details – also known as a mandatory annual update. This will be a requirement from January 2020, so the FCA suggests that entities register now in preparation.
The UK regulator says it will be emailing, calling and writing to firms that are not currently Connect users to encourage them to sign up before the requirement comes into force from January 2020. The FCA also pledges to give firms the information they need to register, such as their firm registration number.
If an entity is already authorised by the FCA, it will need its Firm Reference Number (FRN) and Individual Reference Number (IRN). If you are a sole trader you will not have an IRN, but you can use a registration key – your key was sent to you in your firm’s authorisation letter.
One also needs to know who their Connect Principal User will be for their firm. To register the Connect Principal User, one needs to hold a Controlled Function (CF), Senior Manager Function (SMF) or a Senior Insurance Manager Function (SIMF) at the firm. They will need to provide their Individual Reference Number and National Insurance Number or Passport number to register as the Principal User.
From January 2020, there will be a requirement to review and confirm the accuracy of one’s firm details annually, in line with one’s Accounting Reference Date (ARD). This will have to be done using Connect. Even if your firm details have not changed from the previous year, you will still need to log on to Connect and confirm that they are up to date.
Connect also allows you to submit applications and notifications, such as approved persons, appointed representatives and MiFID II notifications. You can also track the progress of your applications.