'Waiting for certainty can itself create the breach': When must a firm notify the FCA?

Firms should not wait until an issue has been fully investigated before asking whether the Financial Conduct Authority must be told. Under SUP 15, several duties arise as soon as the firm becomes aware - or has information reasonably suggesting - that a relevant event has occurred, may have occurred or may occur. Notification may therefore be required before the firm reaches firm conclusions about cause, liability or customer harm. Notification is not merely a reporting formality. Principle 11 requires firms to deal with regulators openly and cooperatively and to disclose appropriatel...