FCA Reporting Deadlines For E-Money & Payment Companies
For Payments or E-Money firms, staying compliant with the FCA reporting deadlines is business-critical because your continuing FCA authorisation and ability to do business depends on it!
In this guide, we provide a detailed overview of the FCA regulatory reports that may be applicable to your firm. This includes the report name, a brief description, the frequency of report submission, the reporting period covered and the deadline. Please note that not every report will be applicable to your firm. To find your firm’s unique reporting schedule and deadlines, please visit the FCA RegData platform and log in.
Now, let’s dive in!
E-Money FCA Reports & Their Deadlines
Report name and code | Description | Frequency | Reporting period | Deadline |
Authorised Electronic Money Institution Questionnaire (FIN060a) | Details on safeguarding methods, agents, volume and value of payment transactions, AIS and/or PIS activity and Professional Indemnity Insurance to ensure the FCA’s capital requirements are met. | Annual | Your financial year | Within 30 business days of your accounting reference date |
Payment Fraud Report (REP017) | Statistical data on fraud relating to different payment methods. | Semi-annual | First half of year (H1) and Second half of year (H2) | 2months after the reporting period ends |
Operational and Security Risk Report (REP018) | You must provide the FCA with a comprehensive assessment of the operational and security risks relating to the payment services you provide, and the adequacy of the controls implemented in response to those risks. This report must conform to the EBA’s Guidelines on security measures for operational and security risks. | Quarterly | Each quarter | 3 months after the quarter ends |
Statistics on the availability and performance of a dedicated interface (REP020) | For those firms that provide a dedicated interface under “open banking”, a quarterly report on the KPIs used to measure performance and availability (such as % uptime and downtime) is required. | Quarterly | Each quarter | 1 month after the quarter end |
Controllers Report (REP002) | Information on the current control structure. The FCA expects firms to understand who owns their business and notify the FCA of any change in control. | Annual | Your financial year | Within 4 months of your accounting reference date |
Close Links Report (REP001) | Information on close links and confirmation whether there have been any material changes since the last report (or application for authorisation). | Annual | Your financial year | Within 4 months of your accounting reference date |
REP-CRIM return | Financial crime information, including high-risk jurisdictions, high-risk customers, suspicious activity reports filed, employees in financial crime roles, and sanctions screening matches. | Annual | Your financial year | Within 60 business days of your accounting reference date |
Data on complaints made by payment service users who are eligible to complain to the Financial Ombudsman. | Annual | Your financial year | Within 30 business days of your accounting reference date | |
Payment Accounts Report (REP014) | Data on payment accounts, including switches you’ve supported and refusals. | Every 2 years | March – February | Within 2 months of the end of the reporting period |
Financial Resilience Report (FIN073) | Assessment on financial resilience including the total amount of liquid assets, monthly cash needs, net profit/loss in the last quarter, revenue for year to date and net asset or liability position at the end of the financial quarter. | Quarterly | Each quarter | Within 20 business days after the reporting period |
Economic Crime Levy (FIN074) | Annual fee based on a firms UK revenue for the previous financial year to fund anti-crime initiatives. | Annual | Your financial year |
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Payment FCA Reports & Their Deadlines
Report name and code | Description | Frequency | Reporting period | Deadline |
Details on safeguarding methods, agents, volume and value of payment transactions, AIS and/or PIS activity and Professional Indemnity Insurance to ensure the FCA’s capital requirements are met. | Annual | Your financial year | Within 30 business days of your accounting reference date | |
Payment Fraud Report (REP017) | Statistical data on fraud relating to different payment methods. | Semi-annual | First half of year (H1) and Second half of year (H2) | 2months after the reporting period ends |
Operational and Security Risk Report (REP018) | You must provide the FCA with a comprehensive assessment of the operational and security risks relating to the payment services you provide, and the adequacy of the controls implemented in response to those risks. This report must conform to the EBA’s Guidelines on security measures for operational and security risks. | Quarterly | Each quarter | 3 months after the quarter ends |
Statistics on the availability and performance of a dedicated interface (REP020) | For those firms that provide a dedicated interface under “open banking”, a quarterly report on the KPIs used to measure performance and availability (such as % uptime and downtime) is required. | Quarterly | Each quarter | 1 month after the quarter end |
Controllers Report (REP002) | Information on the current control structure. The FCA expects firms to understand who owns their business and notify the FCA of any change in control. | Annual | Your financial year | Within 4 months of your accounting reference date |
Close Links Report (REP001) | Information on close links and confirmation whether there have been any material changes since the last report (or application for authorisation). | Annual | Your financial year | Within 4 months of your accounting reference date |
REP-CRIM return | Financial crime information, including high-risk jurisdictions, high-risk customers, suspicious activity reports filed, employees in financial crime roles, and sanctions screening matches. | Annual | Your financial year | Within 60 business days of your accounting reference date |
Data on complaints made by payment service users who are eligible to complain to the Financial Ombudsman. | Annual | Your financial year | Within 30 business days of your accounting reference date | |
Payment Accounts Report (REP014) | Data on payment accounts, including switches you’ve supported and refusals. | Every 2 years | March – February | Within 2 months of the end of the reporting period |
Financial Resilience Report (FIN073) | Assessment on financial resilience including the total amount of liquid assets, monthly cash needs, net profit/loss in the last quarter, revenue for year to date and net asset or liability position at the end of the financial quarter. | Quarterly | Each quarter | Within 20 business days after the reporting period |
Economic Crime Levy (FIN074) | Annual fee based on a firms UK revenue for the previous financial year to fund anti-crime initiatives. | Annual | Your financial year |
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Other Notifications
The Financial Conduct Authority also expects you to keep them informed of any breaches, incidents, or changes to your business model. Here are a couple worth noting.
Incident Reporting:
Once you become aware of a major operational or security incident you need to decide whether it needs to be reported to the FCA in line with Regulation 99(1) of the Payment Services Regulations 2017. You should consider the FCA’s incident reporting requirements and if you need to report, then:
- Report to the FCA within 4 hours using the form specified by the FCA
- Monitor the incident through to closure (including updating the FCA);
- Perform a “lessons learned” review, root cause analysis, and produce an improvement report.
Problems with a dedicated interface
You must report problems with dedicated interfaces in line with Article 33(3) of the SCA RTS to the FCA. Problems include if the interface does not perform in compliance with Article 32 of the SCA RTS or if there is unplanned unavailability or a systems breakdown. (A systems breakdown is presumed when 5 consecutive requests to access information for the provision of payment initiation services or account information services are not replied to within 30 seconds). You should consider the FCA’s reporting requirements and if you need to report you must do so without undue delay.
PSD / EMD individual applications
When you plan to make changes to your senior management team, you’ll need to notify the FCA before the individual takes up their new role. The FCA will want their personal identification details, employment history and evidence of fitness and propriety.
Change of control
If you plan to sell your business or make other changes to your qualifying holdings, you’ll need to notify the FCA and get their approval before making any changes. You can notify the FCA through the Connect Platform. Remember it is an offence to fail to both seek and obtain such approval before making a major business change such as an acquisition.
Other mandatory notifications:
This is a catch-all requirement. Principle 11 of the FCA’s Principles for Business states that “a firm must deal with its regulators in an open and cooperative way and must disclose to the FCA appropriately anything relating to the firm of which that regulator would reasonably expect notice”. So, if in doubt, put yourself in the FCA’s shoes and ask, “Would I want to know?”
Consequences of late or inaccurate reporting
The FCA attaches considerable importance to the timely submission of reports by firms. This is because they contain information essential to the FCA’S assessment of whether a firm is compliant with its requirements and standards for authorisation. Where reports are submitted late, the FCA may apply a financial penalty.
The FCA’s approach to disciplinary action arising for late report submissions will depend on the length of time after the deadline that the report is submitted. The FCA will also consider repeated failures to submit reports on time. In most cases involving such repeated failure, the FCA is likely to move to more serious disciplinary sanctions or enforcement action, including cancellation of the firm’s authorization.
The FCA will also consider the frequency of the late report when assessing the seriousness of the breach. For example, a short delay in submitting a weekly or monthly report can have serious implications for the supervision of the firm in question. Such a delay may, therefore, be subject to a higher penalty. In addition, the FCA may bring disciplinary action against the firm’s management who are ultimately responsible for ensuring that firms reports are completed and submitted to the FCA
The FCA may also treat a report which is materially incomplete or inaccurate as not received until it has been submitted in a form which is materially complete and accurate.
How We Work with You at ComplyFirst
We understand the complexities and pressures of meeting FCA reporting deadlines. Our regulatory reporting tool automates the entire process, ensuring that your reports are accurate, complete, and submitted on time. We work closely with your compliance team to customize our solutions to fit your specific needs, providing ongoing support and updates as regulations change.
How We Differ
Efficiency: Submit reports 8x faster, reducing the time and effort required to meet FCA reporting deadlines.
Accuracy: Our tool minimizes the risk of errors, ensuring your compliance reports meet FCA standards.
Scalability: Effortlessly scale into new jurisdictions without the need for additional hires, thanks to our adaptable and robust reporting solutions.
Support: Benefit from our expert support team, available to assist you with any compliance challenges you may face.
Ready to transform your compliance reporting process? Book a demo call with us today and let us turn those weeks of reporting into days. Experience the efficiency, accuracy, and peace of mind that ComplyFirst can bring to your firm.
– Fiona
Frequently Asked Questions (FAQ)
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What are the primary FCA reporting deadlines?
FCA reporting deadlines vary depending on the type of report and the firm’s specific obligations.
What happens if I miss an FCA report due date?
Missing an FCA report due date can result in financial penalties and increased scrutiny from the FCA. Repeated failures to meet deadlines may lead to more severe disciplinary actions, including the potential cancellation of the firm’s authorization.
What are the consequences of inaccurate FCA compliance reports?
The FCA can treat submitting inaccurate compliance reports as a failure to report, which can lead to financial penalties and disciplinary action against the firm and its management.
What support does ComplyFirst offer for FCA regulatory reporting?
ComplyFirst offers comprehensive support, including a customizable reporting tool, expert guidance, and ongoing updates to ensure compliance with the latest FCA regulations. Our team is dedicated to helping you navigate the complexities of regulatory reporting with ease.
For more information and to see how we can streamline your compliance reporting process, book a demo call with us today!