At the last Members Luncheon it was noted that the GFSC intend to change the way it receives the Fiduciary Annual Return data and at the same time take stock of the information sought to align that data more with its PRISM risk based approach.
The GAT Committee have been asked by the Commission to assist it with this piece of work. To allow us the best opportunity of improving the process and getting the Annual Return data more easily collated GAT intends to review the full extent of the questions which need to be answered and to identify areas where guidance on definitions and the use of the Annual Return can be improved.
It may also be opportune if members have views on the extent to which there maybe additional information which they believe can be provided (easily) within the Annual Return which maybe useful for the sector as a whole to know rather than simply for the Regulator.
GAT and the Commission are conscious that any changes made should be well thought through and kept to a minimum to avoid any additional burden on the sector however this does present an opportunity to voice any constructive suggestions and changes to the Annual Return itself and the process.
The Annual Return will in future be accessed via the Commission portal and the data will be required to be in put directly through the portal rather than via a spread sheet up load. We have GAT volunteers already who have agreed to assist in looking at the way the portal will work to try and ensure that the data entry is as straight forward as possible however if there are others who would be willing to assist or participate please respond to the email address below.
The 2016 Annual Return together with the current guidance notes can be found here:
Members’ views on how to improve the Annual Return, the way questions are phrased and any qualification needed on the Guidance will be most welcome. Can you please respond by sending any comments to email@example.com or firstname.lastname@example.org no later than Friday 9 December 2016.