The FCA is proposing to remove "unnecessary data reporting" for firms, helping to reduce burden and unlock economic growth.
The three collections identified will also be removed from the firm handbook, helping to simplify reporting requirements for 16,000 firms.
In its latest consultation paper, the FCA said: "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, the FCA has identified three regular returns as viable for decommissioning: Form G, The Retail Investment Adviser Complaints Notifications Form; FSA039, Client Money and Assets; and Section F RMAR.
The regulator says these returns "no longer serve a critical supervisory function".
It is also consulting to remove reporting instructions from SUP 16 related to returns that have already been removed from its scheduling rules.
The changes will impact mortgage, insurance and retail investment intermediaries, alongside investment firms and peer-to-peer lenders.
The FCA is inviting feedback on the proposals in its consultation paper by 14th May 2025. While the consultation is live, firms who are currently required to submit these data returns can choose not to do so and will not be pursued for late payment fees.
To further support firms with more streamlined reporting, the FCA recently launched 'My FCA', providing firms with a single sign-in and all regulatory tasks in one place.
Jessica Rusu, chief data, intelligence and information officer, FCA said: "In our strategy, we committed to being a smarter regulator and supporting 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."
