FCA regulatory reporting

Increased scrutiny into FCA returns putting more pressure on regulated businesses

Tony Chin
Written by Outsourcing Manager, Tony Chin

Gravita understands the risks and requirements of FCA regulatory reporting and more and more businesses are leaning on us to assist in the preparation of FCA returns. The reality is that while your returns may not have been scrutinised thus far, at some point they will be.  At that point, correct returns will be noted but incorrect returns may be interpreted as a weakness in corporate governance and oversight. The consequences of the latter may result in an increased capital requirement and increased scrutiny. At Gravita we replace the traditional accountant’s viewpoint for those of the Central bankers who created these returns, shedding much needed light on micro and systemic risk.

 

Gravita’s assistance with FCA reporting is provided by our Outsourcing team. The key to accurate FCA periodic reporting is having systems that deliver management information on a timely basis. Our Outsourcing team will install the process and procedures to deliver management information on a regular basis, and within the required and agreed timeframes, and also co-ordinate the gathering of the non-financial information that is required to be reported. The Outsourcing team will prepare returns directly to the client’s RegData portal. We have clients in many prudential categories and will fit the reporting process to the specific FCA requirements of those categories. In addition we proactively forecast the capital requirement for the next financial period which can impact on amounts available for distribution for the current year.

 

Gravita will assist by keeping abreast of changes in regulatory reporting necessitated either by the FCA or changes in the types of business or business volumes.

 

Regulatory reporting now blends the financial results of the company with on and off balance sheet trading metrics. Gravita looks beyond the traditional sphere of the accountant and auditor to understand the interplay of these metrics on the risk profile of the business and its resultant pillar 2 and pillar 3 capital requirements. This in turn informs and complements our audit risk assessments.

 

How can Gravita help?

Whilst the preparation of returns is a service that we offer, we also look beyond to fundamental risk areas. With the increased emphasis on the protection of client money in both the traditional and crypto environments, Gravita is highly experienced in the client money, safe guarding and back office requirements that are expected in this environment even though it remains off balance sheet to the traditional accountant’s area of concern.

 

About the author

Outsourcing Manager, Tony Chin, acts as one of Gravita’s primary FCA reporting accountants. Tony has previously worked as Financial Controller in the investment fund sector with a large investment fund provider. 

 

His areas of expertise include:

 

  • Alternative investment funds
  • Fund administration and fund accounting
  • Corporate finance and investment advisory services
  • Regulatory capital requirements for a wide variety of regulated businesses

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