Fca Service Level Agreement

We have 4 separate legal standards for “passing out,” all of which are shown in the graph below. The first two standards relate to the processing of notifications from an ACF-approved company that already operates in another EEA Member State, either as part of “freedom of establishment” or “free provision of services”. The second relates to the processing of notifications of changes by a company approved by the ACF which already operates in another EEA Member State, also under “freedom of establishment” or “free provision of services”. Chart 11 shows that performance decreased from the 3 service standards compared to the previous year. This was due to a sharp increase in the volume of complaints, which called into question the team`s ability to meet demand. The total volume of complaints received increased from 557 in 2017/18 to 1,075 in 2018/19 and finally to 1,276 in 2019/20. The number of complaints received increased from 504 in 2018/2019 to 848 in 2019/2020, in the absence of complaints that cannot be investigated immediately because they contain items that need to be deferred (for example. B as a result of current DCA measures). We have taken several steps to counter the increase in volumes. These include: under the passport duties introduced by the European Financial Services Directive, companies with the authority to carry out regulated activities in another EEA Member State also have the right to carry out transactions in the United Kingdom.

In order to exercise this right, the guidelines require the company to inform us, through its country of origin regulator, of its intention to conduct transactions in the UK. The guidelines that are covered by the passport standards are those that are the responsibility of the ACF for the processing of communications. The Financial Instruments Markets Directive; The Insurance Distribution Directive; The Securities Mutual Funds Directive; Alternative Investment Fund Managers Directive; The Mortgage Credit Directive; The Payment Services Directive and the Electronic Money Directive. In certain circumstances, it may be advantageous for a company to use externally validated reports on behalf of the service provider to learn about the adequacy and effectiveness of its systems and controls. The use of such reports does not absone society from the responsibility of maintaining further oversight. In addition, the company should not, as a general rule, lose its right of access to the claimant`s premises for itself or its representatives. FCA Register A public registration of financial services companies, individuals and other entities under our regulatory responsibility, as defined in the FSMA. Evaluation of performance through periodic performance reporting and self-certification or independent audit by internal or external auditors; and the so-called Integrated Task and Finance Plan Budget (budget with the PSTI) summarizes the ACF`s short-term (budget) and medium-term (mission and funding plan) plan and systematically links resources to service objectives.