FCA proposes further cuts to regulatory reporting requirements
The UK Financial Conduct Authority (FCA) continues its crusade against regulatory red tape. On 6 June, the regulator proposed cutting down additional regulatory returns, aiming to ease the reporting load on firms and bolster economic growth.
Among the changes, the FCA plans to scrap REP022 (General Insurance Pricing Attestation) and RIA Complaints returns, reduce the frequency of REP009 (Consumer Buy-To-Let Mortgage Aggregated Data) to annually, and end the requirement to file nil returns for REP008 (Disciplinary Action Notifications). These updates are part of a broader push to streamline data collection, already reflected in the launch of the My FCA portal—an all-in-one platform for regulatory tasks.
This follows an earlier consultation on removing three other returns and signals a deliberate shift toward proportionate, value-adding reporting. The FCA is trimming out data that offers limited supervisory value, especially where duplication or better alternatives exist.
From a digital reporting perspective, this is a welcome trend. Smarter data regulation means less noise, better quality information, and stronger trust in the system. As regulators rethink how—and what—they collect, XBRL implementations can play a key role in ensuring precision without excess.
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