New annual statistical returns and associated changes
Published on: 24 January 2024
New annual statistical returns now available
As referenced in the news release of 22 December 2023, as part of its updated supervisory methodology, the Authority is introducing new annual statistical returns across different sectors. These returns include information that is common across sectors, coupled with sector specific data.
Phase 1 of this work focuses on those firms and sectors licensed under the Financial Services Act 2008 and supervised in the Portfolio and HMI Supervision Divisions of the Authority.
We are pleased to confirm that the final return forms and guidance are now available from the statistical reporting sections contained in the Returns/Forms or Compliance Support pages of the website, for the following sectors:
- Financial advisers – the return applies to those firms licensed to conduct any combination of Class 2(3), (6) and (7) regulated activity only.
- Trust and Corporate Service Providers – the return applies to those firms licensed to conduct any combination of class 4 and/or class 5 regulated activity with associated ancillary permissions (for example class 3 services to exempt schemes).
- Investment Businesses and Fund Service Providers – the return applies to those firms licensed to conduct any combination of class 2 and/or class 3 regulated activity except those covered above, and except banks that may also hold class 2 or 3 permissions.
The annual statistical return is required under rule 6.72 of the Financial Services Rule Book for the calendar year, and is due for submission annually by 30 April each year (commencing for the calendar year ended 31 December 2023).
We also expect to introduce new statistical returns for other sectors in due course.
Changes to the Annual Regulatory Return
As part of introducing the new annual statistical return, we have also introduced a simplified revised Annual Regulatory Return, to remove duplication. This applies to most firms licensed under the Financial Services Act. Firms should use this new version with immediate effect.
In connection with this, we have updated the Returns/Forms and Compliance Support pages of the website, where you can access the new Annual Regulatory Return, alongside updated annual return checklists covering all financial year-end reporting requirements.
Other changes and updates
- The half-yearly investment business statistics is no longer required from applicable firms (the last reporting was for the six months ending 31 December 2023), and the form has now been removed from the Authority’s website.
- As previously referenced, we will in due course review the PII confirmation form, and the Clients’ Assets Report to remove duplication.
- Further, as part of the next Rule Book review, we will also seek to reduce or remove reporting obligations that are captured by the new annual statistical return.
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