An attestation is a written confirmation that supervisory actions or areas of regulatory focus specified by the regulator are being met by the firm. This responsibility typically falls to the CEO or those holding a Significant influence Functions (SIF) role.
Below we have provided guidance on how to prepare if you are asked to provide an attestation.
What should you do if you are asked to provide an attestation?
Although there is no legal obligation to provide it, in practice it is likely to be difficult to decline. So, to limit the potential risks arising:
1. Ensure you are the most appropriate person to be giving the attestation – it is very risky to attest to something you don’t fully understand and/or do not have the ability or authority to ensure will or has been carried out.
2. Check what is required – ensure that obligations are clear and achievable; that there are limits and timescales that can be relatively easily accomplished.
3. Implement adequate policies, procedures and processes to ensure all involved understand their obligations. This will also provide evidence that due care and diligence has been applied.
4. Confirm what supporting information and evidence is to be provided to the FCA by way of corroboration. Incomplete, inconsistent and conflicting evidence will raise more red flags and is likely to be counter-productive.
5. Establish access boundaries – ensure that you have access to all the documentation and material required to discharge your obligations, including anything confidential, even if you leave the firm.
6. Ensure that everyone involved in delivery of the attestations is aware of the process and the necessity for accurate, reliable information including anyone who has to provide support or evidential documentation.
This information is intended as a general discussion surrounding the topics covered and is for guidance purposes only. It does not constitute legal advice and should not be regarded as a substitute for taking legal advice. DWF is not responsible for any activity undertaken based on this information.