WHAT IS COREP?
COREP is the EU-wide harmonised reporting standard for investment firms that are subject to CRD IV and the Capital Requirements Regulations. The European Banking Authority (EBA) has decreed that national regulators (ie, the Financial Conduct Authority in the UK) must submit COREP data in XBRL format, and has provided standardised data templates for use throughout the EU.
COREP & THE PROBLEMS FACED BY IMPLEMENT SMALLER FIRMS
Firms that are subject to CRD IV do have to comply with COREP reporting, but only a very small part of the entire data is relevant to small firms. Additionally, most small firms do not have in-house IT capability to produce the data in XBRL format. Many software providers have developed IT solutions to help firms report in XBRL, but the solutions do not always represent good value for money for the small firm that only has to complete a very simple COREP return.
We send you an Excel spreadsheet for you to use to input your data and then return it to us.
We include guidance notes to assist you in the completion of the return.
We can provide COR001, COR002, COR005 both consolidated and single company service.
We return a validated XBRL file to you with easy to follow instructions on how to upload and submit this to the FCA GABRIEL system.
XBRL CONVERSION SERVICE
The 'Conversion only' service is designed for firms that happy preparing their COREP data themselves and are simply looking for a cost effective method of converting the data into XBRL. We ask that you enter your data into our Excel template for rapid conversion into XBRL and subsequent validation. Guidance notes are provided in order to make the submission process simple.
£950 + VAT per year
You may prefer for us to organise the completion of your data as well, please ask us for a quotation. Advice on your firm’s position and compilation of the initial data is not covered by the COREP 'conversion only' service but can be provided separately subject to additional fees and timescales.
Contact us for bespoke quote
REP005 High Earners Report
We have developed our own solution to enable clients to complete this annual report in XML format. We have decided to make it available free of charge to our existing customers.