Procedimientos de auditoria

Authorised PIs

13.2 A summary of the reporting requirements for authorised PIs is shown in the two tables below.

Report required – FSA056 (Authorised Payment Institution Capital Adequacy Return) Frequency: Annual.

Submission date: Within 30 business days of firm’s Accounting Reference Date (ARD). Method of submission: GABRIEL

Content Purpose

Part One: Capital Requirement

Calculation of the capital requirement showing: • the method used, A, B or C (see Chapter 8)

to calculate the capital requirement (we confirm the method to use when we grant authorisation); and

• financial information to evidence the actual requirement.

Part Two: Total Capital Resources A breakdown of the authorised PI’s total capital resources is required.

To confirm that the capital requirement is appropriately calculated.

To demonstrate that the capital requirement is being met or to show whether there is a capital resource deficit at the reporting date.

Reporting

Part Three: Supplementary Information Audited Accounts

Confirmation required:

• whether, if incorporated, the authorised PI qualifies for the Companies House small firms audit exemption; and

• of the date, if the authorised PI is required to submit audited accounts, the firm’s statutory accounts were most recently audited.

If the authorised firm is a ‘hybrid firm’ with an obligation to submit separate accounts for PSD business only confirmation is required of the date these were last sent to the FSA.

Safeguarding of client assets

Confirmation is required of how the authorised PI safeguards its clients’ funds. The following safeguarding options are available:

• placed in a separate account with an authorised credit institution;

• invested in approved secure liquid assets held in a separate account with an authorised custodian;

• covered by an insurance policy with an authorised insurer;

• covered by a guarantee from an authorised insurer; or

• covered by a guarantee from an authorised credit institution.

Number of agents

Confirmation is required of the number of agents the authorised PI is responsible for and has registered at the reporting period end.

To confirm whether statutory accounts need to be audited and to indicate when the separate accounting information will be available.

To ensure Regulation 20 (the submission of payment service only accounts by ‘hybrid firms’) is met – see paragraphs 13.4 to 13.6.

To confirm that appropriate arrangements are in place. (See Chapter 10 – Safeguarding for further information).

To enable us to verify the information recorded on our register. If the number reported does not match the number of agents appearing on our register, then we may ask the firm for an explanation.

Separate ‘Payment services business only’ accounting information for authorised PIs that are ‘hybrid firms’

(See paragraphs 13.4 to 13.6 below)

Frequency: Annual Submission date:

• If the accounts are audited and filed with Companies House they should be sent to the FSA at the same time.

• If, as small firms, they are not required to file audited accounts with Companies House we expect the ‘payment services business only’ accounts to be sent to us within 9 months of PI’s Accounting Reference Date (ARD).

Method of submission: in paper form

Content Purpose

For authorised PIs carrying on business other than the provision of payment services separate accounting information must be sent to us showing the payment services business element only.

Requirement of the PSRs (Regulation 20).

Small PIs

13.3 A summary of the reporting requirements for small PIs is shown in the table below.

Report required – FSA057 Payment Services Directive Transactions Frequency: Annual report covering 1 January to 31 December.

Submission date: To be submitted by the end of the following January. Method of submission: GABRIEL

Content Purpose

Confirmation of the number and value of payment transactions (all transactions, including one leg).

To enable the FSA to provide the Treasury with the necessary information so that it can report the total value of Small PI payment transactions to the Commission.

To demonstrate that the PI is not exceeding the Small PI condition of registration that its monthly average total amount of payment transactions carried out over the preceding 12 months must not exceed €3 million.

Safeguarding of client assets

Confirmation of whether the small PI has decided to voluntarily safeguard its clients’ funds is required. If it has chosen to do this, further confirmation is required of which of the following safeguarding methods is used: • placed in a separate account with an

authorised credit institution;

• invested in approved secure liquid assets held in a separate account with an authorised custodian;

• covered by an insurance policy with an authorised insurer;

• covered by a guarantee from an authorised insurer; or

• covered by a guarantee from an authorised credit institution.

Number of agents

The authorised PI is required to confirm the number of agents it has registered at the reporting period end.

To confirm that appropriate arrangements are in place if the small PI has chosen to safeguard. (See Chapter 10 – Safeguarding for further information)

To enable us to verify the information recorded on our register. If the number reported does not match the number of agents appearing on our register, then we may ask the firm for an explanation.

Separate payment services accounting information for

‘hybrid’ firms

13.4 Most authorised PIs need to have their annual accounts audited but there is no obligation for those accounts to be submitted to us. However, regulation 20 requires that where an authorised PI is a ‘hybrid’ firm, carrying out activities other than the provision of payment services, it must provide to us separate accounting information in respect of its provision of payment services. The requirements for this are

summarised in the relevant table in 13.2 above.

13.5 If the authorised PI is already required to have a statutory audit of its annual accounts, this information must be subject to an auditor’s report prepared by the institution’s statutory auditors or by an audit firm.

13.6 Firms should be aware that the activities other than the provision of payment

services that are subject to separate accounting information in regulation 20 include, where they are not part of the payment service, the operational and closely related ancillary services included in regulation 27(1). These include:

• ensuring the execution of payment transactions; • foreign exchange services;

• safekeeping activities; and