January 10, 2023
The FCA has issued emails to insurance firms about period-end reporting that is due, and to Principal firms in relation to its request for data about Appointed Representatives.
The first is an auto-generated email from the RegData system, reminding firms that reports are available for submission as follows:
- REP019 – General Insurance Value Measures – for the 12-month reporting period of 01/01/2022 to 31/12/2022 – return due date 28/02/2023
- REP021c, d and e (for insurance intermediaries) – General Insurance Pricing Information – for the 6-month reporting period of 01/07/2022 to 31/12/2022 – return due date 31/03/2023 – NOTE – RegData is reminding firms that, although the reporting period is set as July to December, twelve months of data for the whole of 2022 is required.
- A new REP022 – the General Insurance Pricing Practices Rules Attestation – for the 12-month reporting period of 01/01/2022 to 31/12/2022 – return due date 31/03/2023.
This new REP022 return is initially only accessible by a firm’s Principal User for RegData. This means that either the Principal User will have to submit REP022, or the Principal User (or any Admin User) will need to amend the RegData permission profile of other users to add REP022 to those users’ list of accessible reports. This would then allow someone other than the Principal User to submit the return.
In addition, any firms with a year-end date of 31st December 2022 will have had their usual RMAR reminder emails.
The second email issued by the FCA has been sent to Principal firms which were sent the Section 165 data request in relation to their ARs, and who (according to the FCA’s records / data) have not yet opened the data request email of 9th December 2022. Although the final submission date for the data request is 28th February 2023, the FCA’s email is urging firms to act now and expressing concern that the original email request appears not to have been opened.
We recommend that Principal firms check that they have received the original email request of 9th December 2022 and, if so, at least open the email to indicate to the FCA that they are aware of it. The text of the original email has been repeated in the FCA’s reminder, in case firms cannot trace the original communication. Also, we remind firms that the completion of this data request is mandatory.