As part of our ongoing commitment to regulatory compliance, we would like to bring your attention to the upcoming Annual Financial Data Request mandated by the Financial Conduct Authority (FCA). For those who have been affiliated with Connect for over a year, you may recall receiving a similar form last year.
The FCA requires the submission of this information on an annual basis, and it is now time to initiate the process once again. This data request will be directed to the controller of each firm, who is expected to complete it on behalf of the entire organisation.
This data request involves updating your principal firm (Connect) of all the following:
1) Total Regulated Revenue (outside of Connect)
This is all revenue generated from regulated activity, such as:
- Regulated mortgages
- Personal Protection and GI
- Equity Release
- Commercial mortgages to individuals
- Consumer BTL
- Regulated second charges & Bridge loans
2) Revenue generated from Financial Non-regulated activities (outside of Connect)
Any activity of a financial nature that does not involve the person carrying on regulated activity. This would include, but not limited to, revenue from activities such as:
- investment services
- insurance
- pensions
- banking
- lending (including consumer credit, mortgages, factoring, financing of commercial transactions)
- financial leasing
- money transmission
- payments
- guarantees and commitments
- foreign exchange
- the issuance of securities and other service of a corporate finance nature
- custodial, depositary and trust services
- financial information and data services
3) Revenue Generated from Non-Financial Non-Regulated activities (i.e. all other business)
This includes, but is not limited to, revenue generated from running any of the following activities, this does not include referral fees received:
- Running an Estate Agency Business
- Property Sales
- Solicitors
- Accountancy
For each category, a comprehensive explanation of the type of business and corresponding revenue is required.
When do you need to complete this?
We will shortly be sending this form out via email to each controller to complete and return.
This information must be returned to Connect within two weeks of receiving the request, which will be issued shortly, so you may want to start preparing the information.
If you have any questions in relation to this, please contact me directly.
Kind Regards
Alan Baldwin
Director of Compliance
For any questions or queries regarding this email, please contact Member Support Team