The Financial Conduct Authority will make additional cuts in data reporting for 95% of all authorised firms it offers with.
The City regulator says its drive to “scale back and take away” regulatory returns will imply that 36,000 firms “will now now not want to submit a 0 return when finishing sure duties relating to disciplinary motion (REP008), saving them time and lowering burden”.
It provides: “If there’s nothing to submit, firms gained’t want to take motion.”
Financial Conduct Authority chief data, innovation and intelligence officer Jessica Rusu says: “We solely ask for the data we want, ensuring it’s proportionate, to scale back pointless burdens.
“Our focus is on amassing info that provides actual worth, whereas making it simpler for firms to meet their regulatory obligations.”
The watchdog provides it’s going to additionally make it simpler for firms to discover up-to-date supervisory communications on its web site.
The physique says that it’s “simplifying our multi-firm and thematic evaluations and labelling these printed earlier than 2022 as ‘historic’, which can have an effect on round 80% of the evaluations”.
It explains: “As a part of our Consumer Duty necessities evaluation, we’re streamlining our supervisory publications to make our priorities clearer, and help our dedication to smarter, more practical regulation.”
The regulator says that it’s going to “quickly” be publishing a small variety of market reviews, as an alternative of issuing Dear CEO or portfolio letters.
This will embody info related to differing kinds of firms and insights from the regulator’s supervisory work.
All monetary regulators have been underneath stress to lower pink tape following a Mansion House speech by Chancellor Rachel Reeves final November, the place she mentioned this was an crucial to increase UK development.
