Is your FCA RegData process holiday-ready?
19.08.2026August can be a quieter month for many financial advice businesses. With annual leave in full swing and fewer people around the office, it can be tempting to simply keep things ticking over until September. But a quieter month can also be a useful opportunity to step back and look at how your business actually works.
What happens when the person who normally handles your FCA reporting is away? Can someone else find the information they need? Are your financial records up to date? Could another member of the team pick up the process if they needed to?
These questions become particularly important when it comes to FCA RegData reporting. If key information, processes or knowledge sits with just one person, annual leave can quickly highlight a risk that is easy to overlook when everyone is in the office.
What happens when the person who knows the process is away?
In many businesses, certain responsibilities naturally become associated with one person.
They might be the person who knows where the figures come from, which records need checking, how the RegData return is prepared or what needs to happen before a submission is made.
When they're available, this may not seem like a problem.
But when they're on annual leave, the business can suddenly find itself relying on someone else to pick up a process they don't routinely handle. That can mean spending time searching for information, working out which systems contain the right figures or trying to remember steps that aren't documented anywhere.
For FCA reporting, this can create unnecessary pressure. Accurate information needs to be gathered, checked and submitted on time, so relying on one person's knowledge can make the process more difficult than it needs to be.
August is therefore a good time to ask a simple question:
If the person responsible for your RegData reporting couldn't do it, could someone else? Don't let your FCA reporting process live in one person's head.
A strong reporting process shouldn't depend on one individual knowing what to do. Instead, the information and processes needed to complete a return should be accessible, organised and straightforward for someone else to follow. That doesn't mean everyone in the business needs to become an expert in FCA reporting. It means putting sensible processes in place so that the business isn't left scrambling when someone is unavailable.
For example, it can be useful to check:
- Where is the information needed for your RegData return held?
- Are your bookkeeping records up to date?
- Are staff and adviser records accurate?
- Does someone else know how to access the information they need?
- Are key steps in the reporting process documented?
- Is there a clear process for checking information before a return is submitted?
- Could someone else pick up the process if the usual person was unexpectedly unavailable?
These checks don't have to become a major project. In fact, August could be the ideal time to work through them while there is a little more breathing space.
Good RegData reporting starts before the return is due
Preparing for FCA RegData shouldn't begin when you're sitting down to complete the return.
The quality of the information going into your return depends on how well your records are maintained throughout the year.
Keeping bookkeeping information organised, making sure staff and adviser records are up to date and checking that your business settings and charges are correct can all help make the eventual reporting process more straightforward. There are also simple ways to make FCA RegData reporting quick and simple, rather than leaving everything until the return is due.
It's also worth thinking about how these different pieces of information fit together. If your bookkeeping sits in one place, reporting information somewhere else and the knowledge of how everything connects sits with one person, completing a RegData return can become a more time-consuming process.
Bringing those elements together can make it easier to see what information you have, what needs checking and what still needs to be done.
How MyRegData can help
For directly authorised IFA businesses, MyRegData brings FCA RegData reporting and cloud bookkeeping together in one system.
The software is designed specifically to help firms complete their RegData reporting, covering all relevant RMAR Sections A to K, Complaints reporting and FIN073.
Because bookkeeping is built into the system too, financial records can be kept organised alongside the information needed for reporting. This can help reduce the reliance on one person holding all the knowledge about where information is kept and how it is pulled together for a return. Once your business is set up and trained, MyRegData can help you complete your FCA RegData return in under 30 minutes. It also includes free accountant access, so your accountant can be invited into the system to support collaboration, bookkeeping and year-end reporting.
Make August the month you get organised
Annual leave can sometimes expose the gaps in a business's processes.
Rather than seeing that as a problem, August can be an opportunity to identify where your business relies too heavily on individual knowledge and put stronger processes in place. For RegData reporting, that could mean getting your bookkeeping up to date, checking your records, documenting the process and making sure someone else can step in if needed.
If you're still relying on spreadsheets, multiple systems or one person to pull everything together, it could also be a good time to consider whether there is a simpler way of managing it.
MyRegData brings bookkeeping and FCA reporting together in one place, helping directly authorised IFA firms keep their records organised and make RegData reporting more efficient. You can try MyRegData for free and see how it could fit into your businesses existing reporting process. Find out more about MyRegData.
Sign up for a free trial today and see how our cloud accounting software can benefit your business.
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