The UK Financial Conduct Authority (FCA) has expanded
its recently launched ‘My FCA’ portal to allow regulated firms to manage
invoices and credit tasks from a single access point. The move is part of the regulator’s ongoing effort to
streamline operations and reduce the administrative burden on firms.
No More Switching Between Platforms
Starting today (Monday), firms authorized and
registered with the FCA can complete Online Invoicing System (OIS) tasks
directly through the My FCA portal. The FCA will reportedly notify firms via
email when an invoicing task is due. Annual fee invoices will still be issued
between July and September, with no changes to the timing.
Previously, firms needed to use up to three different
platforms—Connect, RegData, and the standalone invoicing system—to meet
reporting and payment obligations. The integration into My FCA reportedly removes that
complexity.
Read more: FCA Sees Progress in Smaller Firms; Are CFDs Coming Under the Radar of High-Risk Investments?
“From today, registered and authorised firms can
action their invoices and credit tasks via My FCA,” the regulator wrote in a Monday
post. “Firms will receive emails to let them know when an
Online Invoicing System (OIS) task is due in My FCA.” It added: “There will be no change to the timing of annual fee
invoices. They will be issued to firms between July and September.”
According to the watchdog, firms registered for
multi-factor authentication can now sign in to My FCA using the same
credentials they use for existing systems. This means users will no longer have
to juggle multiple passwords or interfaces when handling their regulatory
responsibilities.
Part of a Wider Digital Overhaul
The update is part of the Transforming Data Collection
programme, a joint project between the FCA and the Bank of England that aims to improve the way regulatory data is collected and used.
In March, the FCA launched the My FCA portal as a
one-stop shop for firms to handle regulatory reporting and fee payments. From
31 March 2025, the portal is expected to become the main access point for all
key reporting and compliance tasks.
The new system aims to improve efficiency and
usability for firms. By centralizing tasks that were previously spread across
different systems, the FCA aims to make regulatory compliance more manageable.
The UK Financial Conduct Authority (FCA) has expanded
its recently launched ‘My FCA’ portal to allow regulated firms to manage
invoices and credit tasks from a single access point. The move is part of the regulator’s ongoing effort to
streamline operations and reduce the administrative burden on firms.
No More Switching Between Platforms
Starting today (Monday), firms authorized and
registered with the FCA can complete Online Invoicing System (OIS) tasks
directly through the My FCA portal. The FCA will reportedly notify firms via
email when an invoicing task is due. Annual fee invoices will still be issued
between July and September, with no changes to the timing.
Previously, firms needed to use up to three different
platforms—Connect, RegData, and the standalone invoicing system—to meet
reporting and payment obligations. The integration into My FCA reportedly removes that
complexity.
Read more: FCA Sees Progress in Smaller Firms; Are CFDs Coming Under the Radar of High-Risk Investments?
“From today, registered and authorised firms can
action their invoices and credit tasks via My FCA,” the regulator wrote in a Monday
post. “Firms will receive emails to let them know when an
Online Invoicing System (OIS) task is due in My FCA.” It added: “There will be no change to the timing of annual fee
invoices. They will be issued to firms between July and September.”
According to the watchdog, firms registered for
multi-factor authentication can now sign in to My FCA using the same
credentials they use for existing systems. This means users will no longer have
to juggle multiple passwords or interfaces when handling their regulatory
responsibilities.
Part of a Wider Digital Overhaul
The update is part of the Transforming Data Collection
programme, a joint project between the FCA and the Bank of England that aims to improve the way regulatory data is collected and used.
In March, the FCA launched the My FCA portal as a
one-stop shop for firms to handle regulatory reporting and fee payments. From
31 March 2025, the portal is expected to become the main access point for all
key reporting and compliance tasks.
The new system aims to improve efficiency and
usability for firms. By centralizing tasks that were previously spread across
different systems, the FCA aims to make regulatory compliance more manageable.
This post is originally published on FINANCEMAGNATES.
