FCA HQ
The FCA has proposed remove further unnecessary data reporting, that it said will benefit nearly all firms.
Following the launch of its consultation to axe three regular returns for 16,000 firms in April, it said it has now identified three further returns that are no longer needed.
The regulator is proposing to:
- Decommission REP022 (General Insurance Pricing Attestation) and retail investment advisers (RIA) Complaints.
- Reduce the frequency of reporting for REP009 (Consumer Buy-To-Let Mortgage Aggregated Data)
- Remove the requirement to submit nil returns for REP008 (Notification of Disciplinary Action relating to conduct rules staff – other than SMF managers).
It said it’s proposing to decommission REP022 as it’s no longer an essential way to monitor firms' compliance. The FCA said: “We’re making this change as we consider there to be more proportionate ways of ensuring senior managers remain accountable for compliance with our pricing rules.”
It said it’s planning to decommission RIA Complaints to avoid duplication of returns for complaints reporting data.
It said it’s reducing the frequency of reporting for REP009 (Consumer Buy-To-Let Mortgage Aggregated Data) to move to an annual reporting cycle.
The FCA said it is removing the requirement to submit nil returns for REP008, “as we’ve determined that nil return submissions do not provide additional regulatory value to our supervision.”
The FCA said it will also remove the collections from its handbook, “helping to further simplify our reporting requirements and to deliver on our commitment in our five-year strategy to be a smarter regulator, making data collection more proportionate.”
The removal of the data reporting, follows the planned axing of three regular requirements announced in April. They were:
- Form G: The Retail Investment Adviser Complaints Notifications Form
- FSA039: Client Money and Assets
- Section F RMAR
The FCA said the returns “no longer serve a critical supervisory function” and the move to remove reporting instructions would shorten the FCA handbook.
To further support firms with more streamlined reporting, the regulator said it has recently launched My FCA, to provide firms with a single sign-in and all regulatory tasks in one place.
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