The FCA is to launch a sweeping review of 11,000 requirements and limitations covering 9,000 regulated firms.
The regulator plans a major update of its requirements, limitations and directions imposed on regulated firms.
The FCA says it has noticed that some data published on the FCA Register is out of date and there were also small errors in some entries.
Many regulated firms have restrictions or limitations imposed on their businesses, some of which have applied for some time.
These can include everything from restrictions on handling client money to bars on certain types of business. In some cases firms can be restricted from taking on new clients.
The FCA says it will amend and update around 11,000 requirements, directions or limitations applied to over 9,000 firms.
The watchdog will check the information is still accurate and reflects the current wording it uses for requirements, directions and limitations. The restrictions will also be reviewed to reflects any changes to legislation and firms' business models since they were imposed.
The FCA said it had found that some of its data was out of date, had been superseded by new data or needed small errors correcting.
The FCA said this week: “We're now taking action to fix these issues. This forms part of our work to be a smarter, more efficient regulator by making sure the data we hold on firms is consistent, up-to-date and necessary.
“This means firms get a better service from us, consumers have access to clearer information and supervisors work with the most up-to-date data.”
The FCA has recently been on a drive to reduce red tape and admin for regulated firms.
Requirements and directions are defined as the obligations the FCA places on firms to take specific actions or cease certain activities. Limitations are applied to firms' permissions and typically limit the scope of the activity the firm can do.
Firms can voluntarily agree to have a requirement, direction or limitation placed on them (a VREQ, VDir or VVOP). The FCA can also use its own powers to impose a requirement or directions on a firm (an OIREQ, OIDir or OIVOP).
Requirements, directions and limitations are typically published on the Financial Services Register.
In terms of next steps, the FCA says it will make small amendments automatically if they do not change what a firm can or cannot do. For substantive changes, such as bigger amendments or removing requirements, directions or limitation, it will contact the firm and “find an efficient way” of making the change.
The changes will take place over the next few months and firms do not need to take any action unless the FCA gets in touch. Any amendments made may result in changes to firm information displayed on the FS Register.
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