The breach register stores all company breaches securely and can be reviewed when and if required.
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Arguably this is the single most important register for SMF16s AND SMF17s to keep.
How so? Well check out https://www.legislation.gov.uk/ukpga/2000/8/section/398/2016-03-07 and you will note that it is a criminal offence to conceal from the FCA or PRA information on the advisers under your control.
REQUIRED BY FCA
FCA require all firms to keep a breach register. In fact this is no surprise to IFA firms who have been keeping breach registers since the days when your compliance director worked beside a bookcase displaying lever arch files marked in black marker with Complaints, T&C, Procedures, AML and, of course, BREACHES.
See also FCA rules under Supervision and the COCON rules that apply to all. https://www.handbook.fca.org.uk/handbook/SUP/15/11.html
If you have procedures, and you work as SMF 16,then you have an obligation to keep a record when policy breaches are made. This could be inducement related, failure to produce a file for checking in good time, or a more serious breach of FCA rules.
FCA mandate that you use REP 008 ot make reg data returns of breaches. If you run more than 5 mortgage brokers, protection advisers or IFAs, then you need to keep a register, and keep updating it. What better way to manage staff than by saying “I am going to breach you…”
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