Q&As

Reputational Risk Thresholds for FCA Notice Under Principle 11

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Published by a LexisNexis Financial Services expert
Published on: 18 March 2021

What degree of reputational risk is needed for a firm to give notice to the Financial Conduct Authority (FCA) under principle 11 and SUP 15.3 of the FCA handbook?

We refer you to Practice Note: FCA and PRA enforcement essentials—preventing a referral to enforcement. In particular, section ‘How is a breach identified?’ sets out the scope of firms’ obligations under the Financial Conduct Authority (FCA) rules to keep regulators informed of relevant information. In brief, all firms and approved persons have a duty to deal with the FCA in an open and co-operative way pursuant to Principle 11 for Businesses (Relations with regulators) (see PRIN 2.1.1R), Statement of Principle 4 for Approved Persons (see APER 2.1A.3R) and Rule 3 of the Individual Conduct Rules, COCON 2.1.3R, and to disclose any information of which the FCA requires notice, such as issues of potential regulatory concern under SUP 15. This is the minimum standard that the FCA will require of any authorised firm and a failure to meet these requirements

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Jurisdiction(s):
United Kingdom
Key definition:
Financial Conduct Authority definition
What does Financial Conduct Authority mean?

The Financial conduct authority (fca), previously known as the consumer Protection and Markets Authority (CPMA), an agency formed as one of the three successors to the unlamented Financial Services Authority. The agency will regulate financial firms providing services to consumers and maintain the integrity of the UK's financial markets.

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