The Financial Conduct Authority (FCA) has proposed changes aimed at reducing data reporting requirements for around 16,000 firms. The regulator plans to remove three specific data collections from its handbook.

The changes would apply to a range of regulated firms, potentially including those offering contracts for difference (CFDs), depending on whether they are subject to the affected data reporting requirements. While the FCA has not specified which types of firms will be impacted, the proposed removal aims to cover those currently required to submit the affected returns.

Regulator Removes Data Requirements to Save Costs

“In our strategy, we committed to being a smarter regulator and supporting growth,” Jessica Rusu, Chief Data, Intelligence and Information Officer, FCA said.

The FCA said the move is intended to lower the regulatory burden and support economic growth. These changes are also part of the FCA’s response to the Prime Minister’s letter on economic 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,” Rusu added.

You may find it interesting at FinanceMagnates.com: FCA to Delete “Unnecessary” Emails Automatically after 12 Months.

FCA Launches My FCA Platform for Firms

Alongside the proposal, the FCA has launched a new digital platform, called My FCA. It allows firms to access regulatory tasks using a single sign-in. The aim is to make reporting processes more streamlined.

Firms and stakeholders are invited to respond to the consultation paper by 14 May 2025. Until then, firms that are currently required to submit the affected data returns can choose not to do so. The FCA confirmed it will not pursue late submission fees during this period.