Published: 19th November 2013

The need for a firm to send to the FCA annual close links and controllers reports is set out in SUP 16.4 and SUP 16.5 respectively.

Those responsible for the completion and submission of these reports will be aware that whilst they are shown on GABRIEL they have to be submitted by either email or post. As part of its quarterly consultation, the FCA is proposing the abolition of the manual approach and instead introduce new Data forms which are submitted electronically through GABRIEL.

This will also apply to those firms that have elected to submit monthly changes in close links, but because of current systems limitations, a report that is required because of a change in close links (SUP 11.9.4A) will still need to be submitted manually. The PRA will make corresponding changes in its Handbook.

Note that the changes will also mean that it will no longer be possible to submit a joint report satisfying both requirements. It is proposed to implement the new regime for returns with a reporting period ending on or after 31 December 2013.

The revised rules, together with examples of the new forms and guidance notes, can be found in Appendix 7B of the consultation paper using the link provided.

Print this Page