Resilience and continuity
Basic Reporting is run by a small company. That is part of why it costs what it does, and it is fair to ask what happens when something goes wrong. This page sets out what we have in place and what your firm should keep in place. The contract wording is in clause 7 of the terms.
It runs by itself
Sending your reports, collecting DTCC's and the FCA's answers, backups and security updates all run automatically, with nobody at a keyboard. A separate server at a second UK provider checks every five minutes that the service is answering and running on time, and alerts us if it is not.
If our server fails
- Backups. Your data is backed up every night, encrypted, to the second UK provider. Each month the newest backup is automatically fetched back, decrypted and checked.
- Rebuilding. The service can be rebuilt on a new server from a script and the latest backup, following a written procedure.
- Reports still go. Sending by hand does not depend on our server. If it is down, you email us your file and we submit it through DTCC's own portal. The reports are recorded against your firm once the server is back, so your record has no gap.
If the person running it is unavailable
Regulatory Advice Limited has two directors, and the second director holds the administrator role on our DTCC account. A written procedure covers running the service and taking it over. Very little of the daily work needs a person, because a report that passes our checks goes without anyone touching it.
If we stop providing the service
- Your records. Within 10 working days we give you a full copy of your reports, the responses to them and our records of what was sent, in machine-readable form.
- Time to move. If you ask, we keep sending your reports for up to three months after the end date, so you can switch without a gap, as long as we are able to continue.
- A transfer. If another business takes over the service, your terms and records move to it on 30 days' notice, and your rights are not reduced.
What your firm should keep in place
Your firm stays responsible for its reporting, whoever sends the reports, so your own contingency plan should cover this service.
- Know your alternative. Note which other Approved Reporting Mechanism you would use. The FCA publishes the list.
- Keep your files. Keep your copy of what you send us as part of your firm's own five-year records.
- Switch with care. If you are moving from another provider, keep that arrangement running until you have seen your reports accepted through us. A month before your old contract ends is a good time to start.
- No long commitment. The subscription runs a year at a time, so you are not tied in if your view changes.
Questions about any of this are welcome as part of your firm's due diligence. We answer reasonable requests within 10 working days.
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