RRD: UK firms

Read more about what the Recovery and Resolution Directive means for UK firms, including how to submit plans, group recovery plan submissions and IFPRU significance.

The RRD was published in the Official Journal of the European Union on 12 June 2014. Read the text of the Directive.

Submitting a recovery plan (or group recovery plan) and resolution plan information (or group resolution plan) information

For all submissions from January 2016 onwards:

  • Submit your plan via Gabriel in accordance with your reporting schedule. If your submission is due within the next 12 months, you will be able to view this in Gabriel. If your submission is not due within the next 12 months, the information is on the system but you will not be able to see this until the deadline is 12 months or less away.
  • You will have separate reporting dates for the two submissions:
    • REP006 – recovery plans.
    • REP007 – resolution plan information.

Follow your usual Gabriel reporting processes.

  • Submit in PDF and do not password protect – Gabriel is a secure system and only authorised FCA staff will have access to this documentation.

Contact us with any queries about how to submit to Gabriel. If you are emailing the Contact Centre, include ‘RRDsubmission’ in the subject heading.

See our online Gabriel training for more about how to use Gabriel to submit your regulatory data.

Additional information for group recovery plan submissions

If you are submitting a group recovery plan on behalf of a group of firms, please indicate this on Gabriel by selecting ‘yes’ to Question 1 under the ‘group reporting’ section. You will require the firm reference numbers (FRNs) of the firms you are submitting on behalf of.

If you are not submitting a recovery plan because a group recovery plan is being submitted on your behalf by another authorised firm within the group or an alternative legal entity, you will still need to tell us. You can do this by logging into Gabriel and entering the FRN of the firm submitting on your behalf into the section labelled ‘nil return’. You will also need to answer Question 1 under the ‘group reporting’ section.

Date for 'total balance sheet assets' to calculate when the first submission of a Recovery Plan is due

How to calculate your submission dates for RRD are set out in SUP 16.20.2. To calculate the timing of first submission based on total balance sheet assets, please use FSA001 Total Assets trading book and non-trading book on an unconsolidated basis, reported at 31/12/2014 or most recent reporting date prior to 31/12/2014 where reporting period end-date does not fall in December (ie, September to November 2014).  

IFPRU significance for ongoing reporting requirements under RRD

Where your firm’s reporting schedule changes as a result of a change in IFPRU significance, you should contact us to change your Gabriel reporting schedule.

If your firm becomes a significant IFPRU firm

  • If your firm, at any time, becomes aware that it is likely to become a significant IFPRU firm, it must make arrangements to establish and have in place sound, effective and comprehensive strategies, processes and systems to achieve compliance with the requirements that apply to a significant IFPRU firm (as per IFPRU 1.2.6R).
  • Your firm must comply with the requirements that apply to a significant IFPRU firm within 3 months from the date it meets any one of the IFPRU significance conditions in IFPRU 1.2.3 R (as per IFPRU 1.2.6R).
  • Where your firm’s reporting schedule changes as a result of a change in IFPRU significance, you should contact us to change your Gabriel reporting schedule. Please include ‘RRDsubmission’ in the subject line if you email us.

What this means for recovery plan preparation and submission

  • Your firm will need to update its recovery plan to meet the requirements under general obligations instead of those under simplified obligations.
  • Your firm will need to submit a recovery plan to the FCA every year (instead of every 2 years) on the same date as the first reporting reference date.

What this means for resolution plan information preparation and submission

  • The information required will not change (it is the same under both simplified and general obligations).
  • Your firm will need to submit resolution plan information to the FCA every 2 years (instead of every 3 years) on the same date as the first reporting reference date.

If your firm ceases to meet the conditions for IFPRU significance

  • From the date that a significant IFPRU firm ceases to be classified as significant, according to the conditions in IFPRU 1.2.3R, it must continue to comply with the rules and requirements applicable to a significant IFPRU firm until the first anniversary of that date (in accordance with IFPRU 1.2.7R)
  • Where your firm’s reporting schedule changes as a result of a change in IFPRU significance, contact us to change your Gabriel reporting schedule. Please include ‘RRDsubmission’ in the subject line if you email us.

Recovery plan preparation and submission

  • If a recovery plan is scheduled for submission before the first anniversary of the date on which the firm ceased to be a significant IFPRU firm, the firm will be required to report under general obligations on the same date as the first reporting reference date.
  • After the first anniversary of the date on which the firm ceased to be a significant IFPRU firm, a recovery plan is due on the same date as the first reporting reference date and every 2 years thereafter (instead of every year) under simplified obligations.

Resolution plan information preparation and submission

  • The information required will not change (it is the same under simplified and general obligations)
  • If resolution plan information is scheduled for submission before the first anniversary of the date on which the firm ceased to be a significant IFPRU firm, the firm will be required to report under general obligations on the same date as the first reporting reference date
  • After the first anniversary of the date on which the firm ceased to be a significant IFPRU firm, your firm will need to submit under simplified obligations every 3 years (instead of every 2 years) on the same date as the first reporting reference date