The Financial Conduct Authority has drawn up plans to make additional cuts to data reporting, which it says will profit 11,000 retail broker corporations.
The regulator will seek the advice of on lowering the reporting frequency of Retail Mediation Activities Return submissions, which helps assist corporations, perceive client outcomes, and flags any points which will provide you with 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 (generally known as RMA-E) — Professional indemnity insurance coverage
Section G of RMAR (generally known as RMA-G) — Training and competence
Section M of RMAR (generally known as RMA-M) — Pension switch specialist recommendation
Financial Conduct Authority chief data, info and intelligence officer Jessica Rusu says: “We welcome the optimistic suggestions from corporations on our earlier data reporting consultations.
“This newest proposal cuts pointless reporting, focuses solely on important info, and displays our position as a wiser regulator, sustaining robust oversight whereas easing the burden on corporations.”
The session closes on 15 October.
The watchdog has decreased the data reporting it asks of corporations quite a few occasions this 12 months in a bid to chop purple tape.
Last month, it lower regulatory returns in relation to disciplinary motion that it mentioned would ease burdens for 36,000 corporations. And in April, it eases data assortment on shopper cash property and different areas, affecting 16,000 corporations.
All monetary watchdogs have been underneath stress to chop purple tape following a Mansion House speech by Chancellor Rachel Reeves final November, the place she mentioned that easing regulatory burdens on corporations was an crucial to spice up UK progress.
