What reporting framework does the FCA expect firms to adhere to?

The correct assertion regarding the reporting framework that the Financial Conduct Authority (FCA) expects firms to adhere to is centered on the requirement for firms to follow a Standardized Reporting Framework that is tailored specifically to their size and risk profile. This approach allows for a more nuanced understanding and assessment of a firm's financial condition and operational risks.

The FCA acknowledges that firms come in various shapes and sizes, each with differing levels of complexity and risk exposure. By implementing a standardized framework that adjusts according to the characteristics of the firm, the FCA ensures that the reporting is both relevant and proportionate. This framework helps in providing meaningful information that adds to transparency and enhances the FCA's ability to monitor compliance with regulations.

Additionally, adherence to a standardized approach facilitates comparability between firms, enabling the FCA and stakeholders to make assessments based on consistent metrics while recognizing the uniqueness of each firm's circumstances. This aligns with the FCA's overarching purpose of ensuring the integrity, resilience, and efficiency of the UK financial markets.

The other options do not encapsulate the FCA's expectations accurately; firms are not bound by a global reporting framework universally applicable to all. Quarterly reporting may be part of specific regulatory requirements, but it is not a blanket expectation for all firms under the FCA's jurisdiction.