UK FCA issued consultation, proposing to remove unnecessary data reporting for firms.
3 collections identified will also be removed from firm handbook, simplifying reporting requirements, deliver on commitment in UK FCA's response to PM’s growth letter.
Follows UK FCA Jan. 2025 letter on new approach to support growth, see #240940.
Proposals
UK FCA has, so far, identified 3 regular returns as viable for decommissioning as they no longer serve critical supervisory function: Form G - the Retail Investment Adviser Complaints Notifications Form; FSA039 - Client Money and Assets; Section F RMAR.
The UK FCA is also consulting to remove reporting instructions from SUP 16 related to returns that have already been removed from its scheduling rules.
The consultation applies to: insurance, mortgage and retail investment intermediaries, MIFIDPRU investment firms, securities and futures firms, investment management firms, collective portfolio management firms, and peer-to-peer lenders.
To further support firms with more streamlined reporting, the UK FCA has recently launched My FCA, providing firms with single sign-in, all regulatory tasks in one place.
Effectiveness
Feedback on the proposals in the consultation paper is requested by May 14, 2025.
While this consultation is live, firms who are currently required to submit these data returns can choose not to do so and will not be pursued for late payment fees.
