Compliance Breach Reporting

Compliance Breach Reporting
A business must notify the FCA immediately it becomes aware, or has information which reasonably suggests, that any of the following has occurred, may have occurred or may occur in the foreseeable future:

(1) the firm failing to satisfy one or more of the threshold conditions; or

(2) any matter which could have a significant adverse impact on the firm’s reputation; or

(3) any matter which could affect the firm’s ability to continue to provide adequate services to its customers and which could result in serious detriment to a customer of the firm; or

(4) any matter in respect of the firm which could result in serious financial consequences to the UK financial system or to other firms.

Keeping and regularly reviewing a breach reporting document aids a business with the appropriate recording and record keeping requirements set within the FCA.

This document has been updated to incorporate Consumer Duty regulatory guidelines. 09/23
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