UK Accounting Glossary
Information held on file in a computer for long-term use because it does not often change.
Information that is stored on file in a computer for long-term use as it does not frequently change. An example is the names and addresses of clients.
Standing data is a master file consisting of names of firms and trading, web addresses, data of accounting references, auditors, locus, contacts and addresses.
Essentially, standing data is data that does not often change, perhaps names and addresses of clients. This is then stored and referred to at later times.
Standing Data in relation to the Financial Conduct Authority
Standing Data is all the information that the FCA has about your business that it then stores on their user management system CONNECT and on the FCA register. Within the FCA handbook, it states that all financial service providers must check the accuracy (and make changes if the standing data is incorrect) within 30 days of their accounting reference date. In the event that you find that your standing data is outdated, using the appropriate forms you must update your standing data for the FCA.
Common examples of the standing data that the FCA holds onto are as follows:
It should be noted that it is your responsibility to make sure that the FCA has your standing data correct. Any changes that have been made to your companies standing data must be changed within 10 days of the change. You can make any updates and changes to your companies standing data online through the FCA’s Connect service. The FCA refers to your companies standing data as ‘Firm Details’. This data they then publish on the Financial Services Register.
All firms directly authorised with the Financial Conduct Authority (FCA) must periodically check their standing data to ensure that it’s compliant with FCA regulations.
If any standing data is incorrect, a firm must submit the corrected standing data to the FCA within the prescribed period of time.
This Schedule 2 details all the Standing Data that needs to be provided by the user.
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Definitions for Standing Data are sourced/syndicated and enhanced from:
This glossary post was last updated: 4th May 2019.