A threesixty guide to submitting directory persons data

Your obligations

Dealing with data errors Although the systemwill have some in built data validation, the information that will appear on The Directory will reflect the information submitted, so it’s important that all data supplied is accurate. You can amend details via Connect and Directory Persons if you notice that any information is incorrect, requires amendment or someone has left your organisation. You will see from the screen print below that you choose the option ‘Amend and/or End Date Directory Person(s)’. This is completed using the Notification method rather than file upload.

Figure 19 - Amend and/or End Date Directory Person(s)

A £250 administration fee will be charged in the following circumstances:

• Where the data submitted is late or inaccurate

• Where a firm has failed to confirm that their information remains accurate and up to date (this must be done at least annually) Directory users will be able to report data errors to the FCA and firms have an obligation to rectify the information as soon as possible after being notified of an error. These instances will also be subject to the £250 fee. Where a firm promptly self-identifies and corrects their own data, the £250 fee won’t apply. The FCA will take further disciplinary action where firms are found to be repeatedly breaching the Directory reporting requirements. 29