Working with the Financial Conduct Authority
We work with the Financial Conduct Authority (FCA) to make sure the regulatory reporting processes for dual-regulated firms are efficient. We want to ensure that firms are only asked to submit data sets once and, to help achieve this, we will share data where it is appropriate to do so. We will also share data on firms that are not dual-regulated where necessary, to ensure that we each have a complete view of the market.
A memorandum of understanding between the FCA and the Bank of England (exercising its prudential regulation functions) sets out how we will work together.
The Memorandum of Understanding obliges us to consult each other on changes to data/forms that are collected regularly, including the use of shared data definitions; and, the management of data systems to allow for efficient sharing.
Much regulatory data for PRA firms continues to be collected by the FCA. This includes reporting via the FCA’s GABRIEL system, the submission of firms’ controllers and close links reports and the reporting of changes to firms’ standing data.
Statistical reporting obligations have not changed.