Modification by consent: ICOBS 8.4.7BR(1) – previously SUP 16.23A.6(1)

This modification by consent will enable the Employer’s Liability Trading Office (ELTO) to be classed as 'an auditor' for the purposes of ICOBS 8.4.7BR(1) – enabling them to perform Data Assurance Reports on behalf of their members.

Firms this modification applies to

This modification by consent is available to all firms that are members of ELTO.

How this modification works

This modification allows a firm to appoint ELTO, instead of an auditor, to prepare a report satisfying the requirements of ICOBS 8.4.7BR(1).

For the purposes of compliance with ICOBS 8.4.7BR(1), 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 this modification

You can take advantage of this modification by consent by:

• Submitting your notification application to us via our Connect[2] system. You can access Connect by signing in to My FCA[3] with your existing details. Please see our user guide[4] to assist with your submission.
• We will then write to you to confirm that the modification has been granted and publish each modification direction we grant on our website.