The Financial Conduct Authority proposes to scrap unnecessary data reporting for 16,000 firms, which the watchdog says will “reduce burdens and unlock economic growth”.
The regulator plans to “decommission” three sections from its 10,000-page handbook for firms, to help “simplify our reporting requirements”.
These cover:
- Form G: The Retail Investment Adviser Complaints Notifications Form
- FSA039: Client Money and Assets
- Section F: Retail Mediation Activities Return
The regulator says its consultation applies to mortgage, insurance, and retail investment brokers and other intermediaries such as investment management firms and peer-to-peer lenders.
The deadline for feedback on its proposals is 14 May.
The watchdog adds: “While this consultation is live, firms who are currently required to submit these data returns can choose not to do so and will not be pursued for late payment fees.”
The move follows on from its January letter to Prime Minister Keir Starmer, which outlined around 50 ways to cut red tape.
Among the data proposals in the letter, the regulator has this year committed to:
- Streamline its handbook following industry input on rules which could be removed or simplified — improve accessibility with a machine-readable version
- Continue reducing reporting burdens for firms with the Bank of England and its Prudential Regulation Authority
FCA chief data, intelligence and information officer Jessica Rusu says: “In our strategy, we committed to being a smarter regulator and supporting growth.
“So, while we need data to do our job, we should challenge ourselves on whether what we’re asking for is needed.
“We’re getting rid of these data requests, saving time and money for thousands of firms, and we will review more in the future.”
