The new CRD IV legislation aims to reduce the risk of UK investment firms failing by ensuring that such firms hold enough resources.
— Pragmatic Compliance Solutions (PCS) was founded by two experienced compliance professionals, the company offer their clients sensible, cost effective, workable solutions which are usually supplied at a pre-agreed and fixed price. One of the services that the company is currently helping clients with is CRD IV compliance and GABRIEL reporting. The need for this service has been brought about by new regulation affecting financial and investment firms such as: broker dealers, commodities traders and asset managers.
The Financial Conduct Authority (FCA) say, “The Capital Requirements Regulations (CRR) brings in a new EU-wide supervisory reporting framework for Financial Reporting (FINREP) and Common Reporting (COREP).” Regulations came into effect on the 1st January 2014 and the full FCA policy statement can be found on this page.
Every CRD IV firm will now need to submit the FSA003 and FSA008 (not always applicable) in xbrl language format, the FCA have calculated that around 2500 authorised firms will be affected by this new reporting requirement solutions to which can cost as much as £25,000 per year.
Pragmatic Compliance Solutions say, “firms wishing to complete the xbrl data items themselves will need a licence for xbrl, xbrl licences can cost as much as £5000 per year.” The consultancy believe that the solution is for firms to outsource either all of their GABRIEL reporting or just the xbrl data items. Pragmatic Compliance Solutions say, on this page that after extensive market research they have found what they believe to be “the cheapest solution available”.
Pragmatic Compliance Solutions say that any firms affected by the new legislation should get in touch with them, they will be pleased to put firms in-touch with a service provider who can convert their management accounts into the correct format and then submit them on their behalf. The company say that this service is being offered for a very reasonable, cost effective price, a price that is “far lower than the actual xbrl licence fee alone.”
Pragmatic Compliance Solutions can also offer help clients with FCA authorisation, compliance health checks, audits, trade reporting, on-going support, compliance manuals, documentation and much more. The company's service is completely free for clients because they receive a small introductory fee from the service provider. The company say that any introductions they make are, “just that. An introduction with no commitment from either side.”
Name: Gareth Bull
Organization: Pragmatic Compliance Solutions
Phone: 020 3151 4320
For more information, please visit http://pragmaticsolutions.co.uk/
Release ID: 37480