Firm Details Attestation (FDA) since January 2021 - January 2022

The FCA helpline received 2,265 calls, which represented 1% of all calls received between 31 January and 28 September 2021. This figure covers all calls related to FDA, not only those that were seeking support with submitting their FDA.

We did not fine any firms for late submission of the Firm Details Attestation (‘FDA’); we did, however, require firms to pay a £250 administrative fee, pursuant to rule SUP 16.3.14 of the FCA Handbook, as a result of their failure to submit a report in accordance with the rules.

Further, because of the Covid pandemic, the FCA implemented a period of forbearance, by which firms that submitted their FDAs ‘late’, but before 1 September 2021, were not issued administrative fees. As a result, some firms may have submitted their FDAs late, but would not have been issued administrative fees. This period of forbearance ended in June 2021 in line with national lockdown lifting. The majority of firms were issued fees for failing to submit their firm detail attestation from 1 September 2021 onwards.

The requirement came into force on 31 January 2020. During the period relevant to your request, a total of 7,679 firms did not submit their FDA in accordance with rule 16.10.4AA of the FCA Handbook and were issued £250 administrative fees. Also, 38,448 firms submitted their FDA ‘on time’ and therefore did not receive a late fee.

To note, the figure of 7,679 is likely to change as the FCA is currently processing queries received in relation to fees issued in relation to the FDA. As such, this figure may reduce.

We have taken this question to refer to complaints concerning alleged unfair fees for late returns of FDA. Over the last 3 years there have been 3 such complaints, none of which were upheld.