Under the Conduct Rules, Directory Persons are responsible for providing accurate information to their employer. However, it is the responsibility of firms to verify the Directory information provided to them and to keep the information which they must submit to the FCA Directory up-to-date.[1] The Senior Manager who hold the Prescribed Responsibility for the firm’s performance of its obligations under the employee certification regime will be ultimately accountable for the information provided on Directory Persons.[2]
Any changes in the data required for FCA Directory entries (in terms of new joiners, leavers and changes) must be updated within 7 business days of the change.[3] Reporting can be made individually via the FCA’s Connect system. Alternatively, the FCA will provide a multiple entry facility (in the form of an Excel spread sheet which must be saved and submitted in .csv format).[4] In most cases, information submitted to the FCA will appear on the FCA Directory no later than the next business day.[5]
Firms which have not made any changes to their data in the preceding 12 months will be required to confirm that their FCA Directory data remains up-to-date.[6] The FCA will do this by sending automated reminder emails to a firm’s dedicated “FCA Connect” user ahead of the notification due date.[7]
[1] PS19/7, page 6
[2] PS19/7, page 19
[3] PS19/7, pages 7 and 16
[4] PS19/7, page 36
[5] PS19/7, page 36
[6] PS19/7, page 18
[7] PS19/7, page 25
Fines for failure to keep the FCA Directory up-to-date
FCA reporting provisions apply to the FCA Directory. As such, an administrative fee of £250 will be charged to cover the costs of work undertaken by FCA staff to remediate data which is either submitted late or is inaccurate.[1] However, for more serious cases (such as repeated breaches) the FCA reserves the right to take whatever action it considers appropriate (which may include use of disciplinary powers, imposition of penalties, public censure and the removal of permissions).[2]
[1] PS19/7, page 18
[2] PS19/7, page 19
