The City regulator says its drive to “reduce and remove” regulatory returns will mean that 36,000 firms “will now no longer need to submit a nil return when completing certain tasks relating to disciplinary action (REP008), saving them time and reducing burden”. 

It adds: “If there’s nothing to submit, firms won’t need to take action.” 

Financial Conduct Authority chief data, innovation and intelligence officer Jessica Rusu says: “We only ask for the data we need, making sure it’s proportionate, to reduce unnecessary burdens.  

“Our focus is on collecting information that adds real value, while making it easier for firms to meet their regulatory obligations.” 

The watchdog adds it will also make it easier for firms to find up-to-date supervisory communications on its website.

The body says that it is “simplifying our multi-firm and thematic reviews and labelling those published before 2022 as ‘historical’, which will affect around 80% of the reviews”. 

It explains: “As part of our Consumer Duty requirements review, we’re streamlining our supervisory publications to make our priorities clearer, and support our commitment to smarter, more effective regulation.” 

The regulator says that it will “soon” be publishing a small number of market reports, instead of issuing Dear CEO or portfolio letters.  

This will include information relevant to different types of firms and insights from the regulator’s supervisory work.    

In April, the body said it would scrap unnecessary data reporting for 16,000 firms, which would “reduce burdens and unlock economic growth”.  

All financial regulators have been under pressure to cut red tape following a Mansion House speech by Chancellor Rachel Reeves last November, where she said this was an imperative to boost UK growth.