The regulator has proposed reducing the reporting frequency from quarterly and biannually to annually for RMAR sections concerning professional indemnity insurance, training and competence and pension transfer specialist advice.
The FCA said RMAR submissions “help… support firms, understand consumer outcomes and flag… any issues that may come up with retail intermediary activities”.
The consultation will close on 15 October and is part of its Transforming Data Collection programme.
The programme has already lowered the data reporting burden for over 36,000 firms, the FCA said.
Jessica Rusu, chief data, information and intelligence officer of the FCA, said: “We welcome the positive feedback from firms on our earlier data reporting consultations. This latest proposal cuts unnecessary reporting, focuses only on essential information, and reflects our role as a smarter regulator, maintaining strong oversight while easing the burden on firms.”
What mortgage and protection advisers should take from the FCA’s AI stance
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