The Financial Conduct Authority has drawn up plans to make additional cuts to knowledge reporting, which it says will profit 11,000 retail broker companies.
The regulator will seek the advice of on lowering the reporting frequency of Retail Mediation Activities Return submissions, which helps help companies, perceive shopper outcomes, and flags any points which will give you retail broker actions.
It proposes to vary the reporting frequency from quarterly and bi-annually to yearly for the next returns:
Section E of RMAR (often called RMA-E) — Professional indemnity insurance coverage
Section G of RMAR (often called RMA-G) — Training and competence
Section M of RMAR (often called RMA-M) — Pension switch specialist recommendation
Financial Conduct Authority chief knowledge, info and intelligence officer Jessica Rusu says: “We welcome the constructive suggestions from companies on our earlier knowledge reporting consultations.
“This newest proposal cuts pointless reporting, focuses solely on important info, and displays our position as a better regulator, sustaining robust oversight whereas easing the burden on companies.”
The session closes on 15 October.
The watchdog has decreased the info reporting it asks of companies a variety of instances this yr in a bid to chop pink tape.
Last month, it lower regulatory returns in relation to disciplinary motion that it stated would ease burdens for 36,000 companies. And in April, it eases knowledge assortment on consumer cash belongings and different areas, affecting 16,000 companies.
All monetary watchdogs have been below strain to chop pink tape following a Mansion House speech by Chancellor Rachel Reeves final November, the place she stated that easing regulatory burdens on companies was an crucial to spice up UK development.
