The Financial Conduct Authority (FCA ) has proposed changes
aimed at reducing data reporting requirements for around 16,000 firms. The
regulator plans to remove three specific data collections from its handbook.
The changes would apply to a range of regulated firms,
potentially including those offering contracts for difference (CFDs), depending
on whether they are subject to the affected data reporting requirements. While
the FCA has not specified which types of firms will be impacted, the proposed
removal aims to cover those currently required to submit the affected returns.
Regulator Removes Data Requirements to Save Costs
“In our strategy, we committed to being a smarter regulator
and supporting growth,” Jessica Rusu, Chief Data, Intelligence and Information Officer,
FCA said.
The FCA said the move is intended to lower the regulatory
burden and support economic growth. These changes are also part of the FCA’s
response to the Prime Minister’s letter on economic growth.
“So while we need data to do our job, we should challenge
ourselves on whether what we’re asking for is needed. We’re getting rid of
these data requests, saving time and money for thousands of firms, and we will
review more in the future,” Rusu added.
You may find it interesting at FinanceMagnates.com: FCA
to Delete “Unnecessary” Emails Automatically after 12 Months.
FCA Launches My FCA Platform for Firms
Alongside the proposal, the FCA has launched a new digital
platform, called My FCA. It allows firms to access regulatory tasks using a
single sign-in. The aim is to make reporting processes more streamlined.
Firms and stakeholders are invited to respond to the
consultation paper by 14 May 2025. Until then, firms that are currently
required to submit the affected data returns can choose not to do so. The FCA
confirmed it will not pursue late submission fees during this period.
The Financial Conduct Authority (FCA ) has proposed changes
aimed at reducing data reporting requirements for around 16,000 firms. The
regulator plans to remove three specific data collections from its handbook.
The changes would apply to a range of regulated firms,
potentially including those offering contracts for difference (CFDs), depending
on whether they are subject to the affected data reporting requirements. While
the FCA has not specified which types of firms will be impacted, the proposed
removal aims to cover those currently required to submit the affected returns.
Regulator Removes Data Requirements to Save Costs
“In our strategy, we committed to being a smarter regulator
and supporting growth,” Jessica Rusu, Chief Data, Intelligence and Information Officer,
FCA said.
The FCA said the move is intended to lower the regulatory
burden and support economic growth. These changes are also part of the FCA’s
response to the Prime Minister’s letter on economic growth.
“So while we need data to do our job, we should challenge
ourselves on whether what we’re asking for is needed. We’re getting rid of
these data requests, saving time and money for thousands of firms, and we will
review more in the future,” Rusu added.
You may find it interesting at FinanceMagnates.com: FCA
to Delete “Unnecessary” Emails Automatically after 12 Months.
FCA Launches My FCA Platform for Firms
Alongside the proposal, the FCA has launched a new digital
platform, called My FCA. It allows firms to access regulatory tasks using a
single sign-in. The aim is to make reporting processes more streamlined.
Firms and stakeholders are invited to respond to the
consultation paper by 14 May 2025. Until then, firms that are currently
required to submit the affected data returns can choose not to do so. The FCA
confirmed it will not pursue late submission fees during this period.
This post is originally published on FINANCEMAGNATES.
