CP25/8: Data Decommissioning: Removing reporting and notification requirements

Read CP25-8 (PDF)[1]

Why we are consulting

As part of our commitment to improving regulatory reporting we are reviewing the information we collect regularly from firms. We want to streamline our data collection process, so that we collect only what is necessary for the effective supervision of firms. We want to achieve a balance between regulatory oversight and data efficiency, ensuring that firms can focus on high-value reporting that supports better consumer and market outcomes.  

So far, we have identified 3 regular returns as viable for decommissioning:

• Form G: The Retail Investment Adviser Complaints Notifications Form
• FSA039: Client Money and Assets
• Section F RMAR

We have determined these returns no longer serve a critical supervisory function. We’re also consulting to remove reporting instructions from SUP 16 related to returns that have already been removed from our scheduling rules. By shortening the FCA handbook, we want to demonstrate our commitment to improving our regular reporting processes.  

Who this applies to  

This consultation applies to:

• Insurance, Mortgage and Retail investment intermediaries
• MIFIDPRU investment firms
• Securities and futures firms
• Investment management firms
• Collective portfolio management firms  
• And Peer-to-peer lenders

Next steps

Online response form[2]

Please respond to the CP by using the online response form[2] or emailing [email protected] by 14 May 2025.

Background  

In conjunction with the Bank of England, we are delivering on our Transforming Data Collections[3] programme to reduce the regulatory burden on firms. One of our workstreams is to review our data collection processes and ensure they are proportionate to our supervisory needs.  Our proposal to decommission certain returns aims to address the burden of firm reporting, as we recognise it to be one of the most demanding parts of regulation.  

In our recently published Consumer Duty[4] call for input there was an emphasis on the burden of regulatory reporting. This is a first step, to show we are listening to firms and are addressing this prominent issue. We want our reporting rules to be clear, proportionate, and relevant to our supervision of firms. This is an ongoing work to address our data collection process, and we intend to publish future consultations on decommissioning certain regular returns.