FCA consults on relaxing data reporting for 11,000 broker firms Mortgage Finance Gazette

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The Financial Conduct Authority has drawn up plans to make further cuts to data reporting, which it says will benefit 11,000 retail broker firms.  

The regulator will consult on reducing the reporting frequency of Retail Mediation Activities Return submissions, which helps support firms, understand consumer outcomes, and flags any issues that may come up with retail broker activities. 

It proposes to change the reporting frequency from quarterly and bi-annually to annually for the following returns: 

  • Section E of RMAR (known as RMA-E) — Professional indemnity insurance
  • Section G of RMAR (known as RMA-G) — Training and competence
  • Section M of RMAR (known as RMA-M) — Pension transfer specialist advice

Financial Conduct Authority chief data, information and intelligence officer Jessica Rusu says: “We welcome the positive feedback from firms on our earlier data reporting consultations.  

“This latest proposal cuts unnecessary reporting, focuses only on essential information, and reflects our role as a smarter regulator, maintaining strong oversight while easing the burden on firms.” 

The consultation closes on 15 October. 

The watchdog has reduced the data reporting it asks of firms a number of times this year in a bid to cut red tape.    

Last month, it cut regulatory returns in relation to disciplinary action that it said would ease burdens for 36,000 firms. And in April, it eases data collection on client money assets and other areas, affecting 16,000 firms. 

All financial watchdogs have been under pressure to cut red tape following a Mansion House speech by Chancellor Rachel Reeves last November, where she said that easing regulatory burdens on firms was an imperative to boost UK growth.