On 9 July 2016, the FCA published its Policy Statement (PS 16/19) on Financial Crime Reporting, setting out the feedback received by the FCA on its proposal, which was originally consulted on in December 2015. The document sets out the final rules and timelines for the preparation of a financial crime return (REP-CRIM).
The rules will apply to all firms with full permissions carrying out consumer credit activities (unless revenue is lower than £5 million). Limited permission consumer credit firms are not subject to these reporting requirements. Regulated lenders will be within the scope of the return if they have a revenue of £5 million or above. The FCA has decided to exclude general insurers and general insurance intermediaries at this stage.
The FCA expects firms to start reporting from the end of 2016 and within 60 days of their reporting year end. Firms may submit on a group or single regulated entity basis where all companies share a common financial year end.