The Financial Conduct Authority will make additional cuts in information 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 not want to submit a zero 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 information, innovation and intelligence officer Jessica Rusu says: “We solely ask for the information we want, ensuring it’s proportionate, to scale back pointless burdens.
“Our focus is on accumulating data that provides actual worth, whereas making it simpler for firms to meet their regulatory obligations.”
The watchdog provides it’ll 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 is able to have an effect on round 80% of the evaluations”.
It explains: “As a part of our Consumer Duty necessities assessment, 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 studies, as an alternative of issuing Dear CEO or portfolio letters.
This will embody data related to differing types of firms and insights from the regulator’s supervisory work.
In April, the physique stated it might scrap pointless information reporting for 16,000 firms, which might “scale back burdens and unlock financial progress”.
All monetary regulators have been underneath stress to reduce pink tape following a Mansion House speech by Chancellor Rachel Reeves final November, the place she stated this was an crucial to increase UK progress.
