This modification will enable The Employer’s Liability Trading Office (ELTO) to be classed as 'an auditor' for the purposes of ICOBS 8.4.4R (1) (C) thus enabling them to perform Data Assurance Reports on behalf of their members.
Firms the modification applies to
This modification by consent is available to all firms that are members of ELTO.
How the modification works
This modification allows a firm to appoint ELTO, instead of an auditor, to prepare a report satisfying the requirements of SUP 16.23A.6(2).
For the purposes of compliance with SUP 16.23A.6, if a firm appoints ELTO to prepare the report:
- The requirements of SUP 3.4.2 R will be satisfied to the extent that the firm takes reasonable steps to ensure that ELTO has the required skill, resources and experience to prepare the report;
- The requirements of SUP 3.4.4G will be satisfied to the extent that ELTO has skills, resources and experience commensurate with the nature, scale and complexity of the firm's business and the requirements and standards required to produce the report. The firm should seek confirmation of this from ELTO as appropriate;
- The requirements of SUP 3.8.5R to SUP 3.8.6 R will not fail to be satisfied solely as a consequence of the relationship between ELTO, as a qualifying tracing office, and the firm, solely by virtue of the firm being a member of ELTO; and
- SUP 3.8.7 G and SUP 3.5.4 G, to which it refers, are not applicable to the extent that ELTO does not have a recognised supervisory body.
How to use the modification
If you want to take advantage of this modification by consent you should email [email protected] or write to us at Central Waivers Team, Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN.
We will then write to you to confirm the modification has been granted and publish each modification we grant on our website.