FCA systems - prepare for changes now

The FCA has recently introduced multi-factor authentication to access its RegData, Connect and Online Invoicing systems. We urge firms to prepare for changes now and get access rights sorted for key people before the change.

I'm sure we can all understand why multi-factor authentication has being introduced, given the sensitive data which could be handled/accessed via these systems. Just...expect things to be a little clunky along the way.

Experience tells us any change to FCA technology might introduce 'unnecessary frictions' when accessing these systems. And 'murphy’s law' tells us this will happen to you at the worst possible time.

Therefore, we would urge firms who may...

• share the same user details (from someone who left a few years ago) to access FCA online systems;

• only have one user, and have not considered the need for back up access to systems;

• have ensured the least 'tech savvy' individual has access, with no one else having the ability to do anything (i.e., permissions to submit); or

• have given access to third party users (that have no idea this change is taking place) such as accountants, consultants, auditors

  TO

• ensure they locate the 'principal users' and set up new users (appropriate users) who can submit returns/forms/data for each system.

• inform third parties to the change, if relevant

• ensure you have an authentication app downloaded - or work out the number to use for a text/message if not comfortable with using an app. We also suggest users have this app/telephone number in place well before the multi-factor authentication starts, so you don’t have issues with getting thrown out of systems/logged out whilst choosing or downloading an app/trying to remember various work telephone numbers to input (or correct) when trying to log into an FCA system when this kicks in...

Having multiple users and preparing for the change will ensure continued access to critical FCA systems. And hopefully keep Murphys law at bay.

If you have any questions, please ask. You can also find more information from the FCA here.