FCA confirm potentially erroneous leverage reporting requirement for many firms
18 December 2018
As you are probably aware, CRD IV reporting for Own Funds and Leverage has now been split for reporting from the 31 December 2018. This now means the COR001 return has been split between COR001a (for Own Funds) and COR001b (for Leverage). However, for many of our clients we have seen Gabriel updated with both the COR001a and COR001b regardless of whether their permissions require the completion of the Leverage returns.
The FCA have now confirmed that the COR001b return has been erroneously added to Gabriel for many firms not required to report Leverage, but also have confirmed this should be resolved before the reporting deadline.
While this issue should be resolved in due course, we advise that you reach out to the helpdesk to request the removal of the COR001b if you are not required to report Leverage. However, if you are unsure whether your firm is required to report on Leverage, please do not hesitate to get in touch.
How we can help
While we prepare returns on behalf of our clients, many of our clients are now requesting independent reviews and support over their regulatory reporting to gain assurance over the interpretations, policies and processes they have in place.
Similarly, with increased regulatory focus on prudential elements, if you become subject to the requirement for a S166 review to be conducted we have a strong track record of guiding firms through the process. We have an established methodology and a solid professional relationship with the Regulator.
For more information, or if you are interested in us conducting an independent review of your prudential reporting, please contact us.