FCA Proposes Further Cuts to Regulatory Reporting Requirements

Published by LPA Lucht Probst Associates – Source: FCA, 6 June 2025

In a continued effort to streamline regulatory obligations, the UK Financial Conduct Authority (FCA) has announced plans to eliminate additional reporting requirements that are deemed non-essential. This move aims to reduce the compliance burden for firms and support economic efficiency.

The FCA proposes to:

• Decommission REP022, which relates to General Insurance Pricing Attestation, as it is no longer critical for monitoring compliance.
• Eliminate RIA Complaints reporting, avoiding data duplication for retail investment advisers.
• Reduce REP009 (Buy-to-Let Mortgage Data) reporting frequency to once per year.
• Remove the requirement for nil returns on REP008, related to conduct rule breaches outside senior manager functions.

These changes align with the FCA’s five-year strategy to be a more proportionate, data-smart regulator. Additionally, the regulator has launched the My FCA portal, consolidating regulatory tasks under a single sign-in platform.

Source: Financial Conduct Authority (FCA), News Release dated 6 June 2025