A Note about Co Operating with your regulator

In the regulation round up issued in June there is a section of co-operation with the regulator. The FCA makes the point that , in its own words from Principle 11

a firm must deal with its regulators in an open and co-operative way, and must disclose to the appropriate regulator anything relating to the firm of which the regulator would reasonably expect notice.

This means that it is incumbent upon a firm to notify the regulator of any matters arising in the firm that could cause concern. So firms should notify the FCA at  the earliest opportunity if they identify any potential or actual misconduct, significant risks, or anything that might affect their ability to comply with FCA rules and regulations.

This reminded me of a a compliance visit carried out on a firm a few months ago now where it came to light that a firm had been struck off a lender panel. The FCA view was that, notwithstanding the fact that the lender will have reported this already to the FCA, the firm should have also reported it.

That is some thing to consider if any firms out there have been struck off by a ledner and have  not yet advised the FCA. This is something that should be  done. in these cases, better late than never.