The UK Financial Conduct Authority (FCA) has published a
consultation paper (CP) proposing the removal of reporting and notification requirements as part of its strategy to prevent unnecessary collection of data to reduce regulatory burden and costs. The consultation paper is accompanied by a
press release and an
updated webpage. The FCA seeks feedback on the proposals, which include:
- eliminating the requirement to provide data relating to: (i) FSA039 – Client money Assets; (ii) Section F of the RMAR; and (iii) Form G – The Retail Investment Adviser Complaints Notifications Form;
- simplifying the FCA Handbook to remove guidance about data collections that have already been decommissioned; and
- entirely removing forms that are already included in the Annexes to SUP 16.
As the FCA is using a shortened consultation period of four weeks, the deadline for responses is 14 May. The FCA is currently reviewing other data collections and expects to be able to consult on the removal of further returns later in 2025.
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