Firm Reporting of FCA breaches

From June 2022, the FCA will be requiring firms to report any retail investment advisers’ potential breaches of APER (Approved Persons) and COCON (Code of Conduct) to the relevant accredited bodies. This needs to be done as soon as reasonably practical after firms become aware of or have information, which reasonably suggests that a retail investment adviser has failed to comply with the above. Therefore, the CISI expects the notifications to be made within the same timeframe as these are reported to the FCA.

The CISI is required to inform the FCA when it receives a submission of potential breach from a firm, and to keep them updated. Firms are also required to keep the CISI informed of the outcome of any investigations.

Firms are required to complete the below form, to notify the CISI of any potential breaches.

All forms submitted will be reviewed within 2 working days of submission and further investigated by the Standards Team. Information on the CISI Disciplinary process can be found here.

Please note that all submissions and the outcome are reported to the FCA.

Should you have any queries on the process or would like to submit further information, please email