The regulator checked its data to see if it was accurate, the wording was reflected in its current requirements, directions and limitations and whether there have been changes to legislation and firms’ business models since they were imposed.
The FCA found some data was out of date and had been superseded by new content or needed correcting.
The regulator said it was now fixing these issues, which make up part of its work to be a “smarter, more efficient” watchdog.
“This means firms get a better service from us, consumers have access to clearer information and supervisors work with the most up-to-date data”, the FCA said.
The FCA will now make some small automatic changes, which will not affect what a firm can or cannot do, and some bigger changes that can result in the removal of a requirement, direction or limitation. Firms will be contacted regarding the larger amendments.
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This action will take place over the next few months, and the FCA said firms did not need to take action unless they were contacted by the regulator.
