Firm Reporting of FCA breaches
From June 2022, the FCA will be requiring firms to report any retail investment advisers’ potential breaches of
(Approved Persons) and COCON (Code of Conduct) to the relevant accredited bodies. This needs to be done as soon as
reasonably practical after firms become aware of or have information, which reasonably suggests that a retail
investment adviser has failed to comply with the above. Therefore, the CISI expects the notifications to be made
within the same timeframe as these are reported to the FCA.
The CISI is required to inform the FCA when it receives a submission of potential breach from a firm, and to keep them updated. Firms are also required to keep the CISI informed of the outcome of any investigations.
Firms are required to complete the below form, to notify the CISI of any potential breaches.