FCA Proposes Changes That Would Reduce Data Reporting Requirements For 16,000 Firms
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
The UK securities watchdog, the Financial Conduct Authority (FCA), recently proposed changes that, if implemented, might reduce data reporting requirements for nearly 16,000 companies. The regulator’s plan is to remove three specific data collections from its handbook.
These changes are meant to apply to a wide range of regulated firms, and could possibly include those offering CFDs, depending on whether they are obligated to report data collections in question.
The regulator did not specify which types of companies would be impacted, only that the removal’s purpose is to cover those currently required to submit the affected returns.
The FCA Wants To Get Rid Of Any Data That Is Not Necessary
Commenting further on the matter, the FCA’s Chief Data, Intelligence, and Information Officer, Jessica Rusu, said that the regulator’s strategy is committed to becoming a smarter regulator and supporting growth along the way.
The FCA also added that the move is meant to lower the regulatory burden and support economic growth. The changes come as part of the watchdog’s response to the Prime Minister’s letter involving economic growth. Addressing this, Rusu said that the FCA still needs the data to do its job, but it also decided that it must challenge itself on whether the data it is asking for is actually needed.
Anything not necessary to conduct its operations efficiently is now meant to be removed, which is why it is getting rid of the data requests, which is expected to save both time and money for thousands of companies. Not only that, but the FCA also plans to review more in the future.
Alongside this proposal, the regulator also created and launched a new platform, called My FCA. The platform will allow companies to access regulatory tasks with a single sign-in, making the reporting process simpler and more streamlined.
It said that companies and stakeholders are invited to respond to the consultation paper, and this will be possible until May 14. Until then, companies that are still to submit the affected data returns can choose not to do it. The regulator confirmed that late submission fees will not be pursued during this period.
