Financial Conduct Authority Survey - CCR008 Requirement to provide web domain names
Of course you are wondering what this is all about. The request seems so odd that you might even wonder if it is a scam. Well it is not and most firms will probably have to take action. As a minimum please read the highlighted text as it explains what you have to do!
If you charge a fee for BTLs or any other aspect of Consumer Credit activity you need to report your domain names to the FCA every quarter . The first one must be done by 15/05/02105 (1st April 2015) and subsequent returns will be via GABRIEL each Quarter. The information required is:-
If you are doing this by email, post, fax or by hand
firm name / FRN :
the domain name, ;
the date acquired (if in the reporting period) and,
the date disposed of ( again if in the reporting period).
A suggested layout is:
Subject: Firm Name and FRN: CCR008 Requirement to provide web domain names
Domain name
|
Acquired in period
|
Disposed of in period
|
www.mortgagecomply.com
|
n/a
|
n/a
|
www.collectoroftales.co.uk
|
21/03/2105
|
n/a
|
www.dowecheethamandhow.com
|
n/a
|
15/02/2015
|
There is no indication of an address in the email so I suggest the published contact point of firm.queries@fca.org.uk. I have looked on Connect and cannot see any clear facility there to report it but perhaps there is somewhere!
If you are using the Survey Tool supplied in the email sent to you
the date acquired (if in the reporting period) and,
the date disposed of ( again if in the reporting period).
I assume there are fines for non-compliance.
The Consumer Credit rules require firms to notify the FCA of their domain names every QUARTER where they charge a fee for Consumer Credit Activity. What the FCA are looking to do is to identify existing domain names used by firms, new domain names and domain names that have ceased to be used. This is to assist them in effective monitoring of online activity given that a lot of consumer credit activity may be carried out online. It makes sense of course in the fast moving world of unsecured loans and the like but for the more sedate (!) world of mortgages it may seem a little overkill.
It probably is but unfortunately those are the rules and so you will have to submit these notifications every Quarter within 30 days of the quarter end.
Do you charge a fee?
If you are a mortgage broker ( and you probably won't be reading this if you are not) then you don't necessarily charge a see for discussing consumer credit details with your clients. HOWEVER, you may charge a fee for Buy To Let Mortgages. If you do, then you are charging a fee for CREDIT BROKING of these products and this means that the reporting requirement applies to you.You have to act on this.
At the moment where applicable, firms are being asked to confirm these details by 15th May, being 30 working days after the quarter end date 31st March.
What is required?
The information requirements are not onerous in that for each domain name owned during that period, firms are required to report:
the domain name, ;
the date acquired (if in the reporting period) and,
the date disposed of ( again if in the reporting period).
You are required to provide this information either by email, fax, post or by hand. You can also use a survey tool that they have set up for the purpose.
In terms of format, other than the survey tool which appears to be columnar , you are required to provide a row of information for each domain name used.
Below is an example:-
www.dcpltd.uk.com
|
n/a
|
n/a
|
www.collectoroftales.co.uk
|
21/03/2105
|
n/a
|
www.dowecheethamandhow.com
|
n/a
|
15/02/2015
|
In this example the first domain name had been around prior to the quarter ending 31st march 2015; the second was acquired during the period and the third was cancelled in the period.
The survey tool simply asks for how many domain names you want to report and then gives you a column with 3 text boxes for entering the details for each one in sequence.
What is a domain name?
This is more complex than it looks. In the example above, www.dcpltd.uk.com is the principal domain name purchased and www.collectoroftales.co.uk is also a purchased domain name that sits on the same server at the first. www.dowecheethamandhow.com is made up but the point about this one is that the firm ceased to own that domain name on 15/02/2015 and not ceased to use it.
I have no idea if the FCa checks domain names to registers of domain names ( I don't see that as likely) but you have to be accurate in your reporting. If you stop using a domain name but still have ownership of it, my interpretation at the present time is that you must report it.
The Survey Tool
The email that you may have received is unique to you and so if you click on it it will record the details for your firm.
Next Steps
The FCA have indicated that they are going to add this requirement into GABRIEL in June and so from the next reporting period so you will have to report quarterly through that instead for the future.
Firms with interim permission still must still report using any of the methods above.
