On 16 April 2025, the Financial Conduct Authority (FCA) published a consultation paper, CP25/8, on data decommissioning: removing reporting and notification requirements.
Background
The FCA explains that it is reviewing the information it collects regularly from firms, as part of its commitment to improving regulatory reporting. Its aim is to streamline the data collection process so that it collects only what is necessary to effectively supervise firms, and to achieve a balance between regulatory oversight and data efficiency.
Proposals
In CP25/8, the FCA proposes to remove data collection requirements that it considers are no longer needed. In particular, the proposals include:
- Removing the requirement to provide the FCA with data related to three different reports and notifications: Form G (the Retail Investment Adviser Complaints Notifications Form), FSA039 (Client Money and Assets) and Section F RMAR.
- Removing information from the Handbook about other reporting forms that the FCA no longer requires to be submitted.
- Tidying up some of the guidance on reporting, deleting guidance about data collections that are no longer used, and completely deleting forms that already appear in Annexes to SUP 16 marked ‘[deleted]’.
The FCA notes that its proposals should help to reduce the data reporting burden on firms and support economic growth.
Next steps
The consultation closes on 14 May 2025. Once it has considered all feedback, the FCA plans to publish a policy statement finalising its rules later in 2025.