The Financial Conduct Authority (FCA) has proposed further reductions to data reporting requirements, aiming to ease the regulatory burden for around 11,000 retail intermediary firms.
The changes focus on the Retail Mediation Activities Return (RMAR), which firms submit regularly to help the regulator monitor consumer outcomes and identify potential risks.
Following an analysis of reporting patterns, the FCA plans to reduce the frequency of submissions for selected RMAR sections.
Under the proposals, firms would move from quarterly or bi-annual reporting to annual submissions for:
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RMA-E: Professional indemnity insurance
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RMA-G: Training and competence
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RMA-M: Pension transfer specialist advice
Jessica Rusu, the FCA’s chief data, information and intelligence officer, said: “We welcome the positive feedback from firms on our earlier data reporting consultations.
“This latest proposal cuts unnecessary reporting, focuses only on essential information and reflects our role as a smarter regulator, maintaining strong oversight while easing the burden on firms.”
The consultation closes on 15 October 2025 and forms part of the FCA and Bank of England’s Transforming Data Collection programme, which has already reduced reporting requirements for more than 36,000 firms.
The move follows government pressure to reduce regulatory red tape and boost growth.
In March, chancellor Rachel Reeves summoned eight regulators to Downing Street to discuss plans to cut the administrative cost of regulation on businesses by 25%.
The FCA also said it will review firms’ concerns about the volume of regulatory communications they are expected to track.
