Staying sane in business Bedlam
Albert Einstein once, very sanely, stated that the definition of insanity was doing the same thing again and again and expecting different results. However, in the world of financial services regulation, we refer to the practice of doing the same thing over and over again as “making sure we stay in business”.
Those of you who are fairly new to the world of FCA authorisation may still be coming to terms with the amount of reports, procedures and processes that need to be put in place in order to meet the regulator’s requirements. Those who have been authorised by the FCA since the point at which it took over the responsibilities of the OFT back in April 2014 are likely to be coming to terms with the fact that the submission of reports, monitoring and recording information and reviewing whether procedures are fit for purpose is something they need to do again and again.
Something that may be looming on the horizon for many of you at the moment is the completion of your GABRIEL (gathering better regulatory information electronically) report. This report needs to be submitted biannually and, depending upon the type of business you do and the FCA permissions you hold, you will need to complete some or all of the following sections:
- Financial data (CCR001)
- Volumes (CCR002)
- Lenders (CCR003)
- Debt management (CCR004)
- Client money and assets (CCR005)
- Debt collection (CCR006)
- Key data (CCR007)
You may think that even those unlucky souls who are required to complete ever section only have to do seven forms, but don’t be fooled; you need to ensure you’re recording all the information you need on an ongoing basis. If no preparation has taken place throughout the year, it could take as long as ten full working days to gather, format and submit all the necessary information. Having to go through that twice a year without the right support is surely enough to have anyone longing for the peace and quiet of a padded cell!
Fortunately, working with an organisation like The SimplyBiz Group means that our specialist team will keep you up-to-date with what you need to do, the practicalities of how to approach it and the regularity with which it needs to happen, so that you don’t have to do it all yourself. The SimplyBiz Group has fourteen years of experience in this area and is perfectly placed to help you as you navigate the world of regulatory reporting. If you want help with adapting to FCA regulation and keeping compliant on an ongoing basis, please get in touch with us urgently on 01484 443424.