Attestations - Financial Conduct Authority

Attestations

Published: 15/05/2015     Last Modified: 03/05/2016
Attestations are a supervisory tool used to ensure clear accountability and a focus from senior management on putting things right in regulated firms.

When we request an attestation, we do so to gain personal commitment from an approved person at a regulated firm that specific action has been taken or will be taken.  The aim of an attestation is to ensure there is clear accountability and a focus from senior management on those specific issues where we would like to see change within firms, often without ongoing regulatory involvement.

The most usual scenarios in which we use attestations include:

  1. Notification − For emerging risks at firms that are unlikely to result in material harm to consumers or a negative impact on market integrity. We may ask an appropriate individual at a firm to attest that they will notify us if the risk changes in its nature, magnitude or extent. The responsibility on the person making the attestation is to ensure that the firm appropriately monitors the risk and makes any notifications that are appropriate to us.
  2. Undertaking − Where we want a firm to take specific action within a particular timescale, but the risk is unlikely to result in material harm to consumers or a negative impact on market integrity, we may ask for an attestation undertaking that the action will be taken.
  3. Self-certification − For more significant issues, but where we are confident the firm can resolve the issue itself, we may ask for an attestation that the risks have been mitigated or resolved.
  4. Verification − Where we want a firm to resolve issues or mitigate risks, and where we also want verification of that, we may ask for an attestation confirming that the action, including verification (e.g. by internal audit), has been done.

Quarterly information

We publish information on how often we request attestations on a quarterly basis. 

Table 1: Number of attestations by sector and conduct classification for Q4 2015/16


Sector/Conduct Classification

Fixed

Flexible

Total:

Retail Banking

2

0

2

Wholesale Banking

2

1

3

Investment Management

0

2

2

General Insurance and Protection

1

0

1

Long Term Savings and Pensions

0

3

3

Retail Lending

0

0

0

Infrastructure and Trading Firms

1

0

1

Total:

6

6

12

Table 2: Number of attestations by quarter and conduct classification for the most recent four quarters


Quarter/Conduct Classification

Fixed

Flexible

C1

C2

C3

C4

Total:

Q4 2015/16

6

6

N/A

12

Q3 2015/16

6 4

N/A

10

Q2 2015/16

N/A

0

9

3

3

15

Q1 2015/16

N/A

2

2

0

3

7

Total:

12

10

 

 

 

 

44

Notes to the tables:

  1. The numbers are correct as of  28 April 2016
  2. The quarters are split according to financial year (i.e. Q1 starts 1 April)
  3. Read details of the changes the conduct classifications of firms:

Download the data as a spreadsheet

Annual Report 2014/15

Our Annual Report sets out how we have performed over the last year.

Read More

Business Plan 2016/17

Find out about our priorities for the year ahead.

Read More