The volume of information that firms must report through the Complaints Return and RMAR will be reduced by around 80% and 30% respectively. This would enable the FSA to use the reporting information more effectively to monitor and mitigate risks to the FSA’s statutory objectives and, importantly, reduce the administrative burden on firms in completing these returns.
These proposals, which sit within the FSA’s broader Consultation Paper on regulatory reporting, meet the regulator’s commitment in its Better Regulation Plan to review these returns. The review, which began at the end of 2006, involved discussions with the industry and trade associations about firms’ experiences of completing these returns. The FSA also looked at how it uses the data it collects.
Jeremy Heales, head of regulatory reporting and data analysis at the FSA, said the returns impact the vast majority of firms the regulated by the body. He said:”The proposals fit with our broader aim of making it easier for firms, especially small firms, to do business with us as well as reducing the regulatory burden on firms where we can. In addition to simplifying the RMAR, we are also providing further guidance and help to make it easier for firms to complete this return.”
Heales said that the proposals would reduce the amount of data the FSA collect from firms, whilst providing them with the information to help ensure that firms met the expected standards.
