| Link(s) | CP25/35: Quarterly consultation paper No. 50 | FCA CP25/35: Quarterly consultation paper No. 50 FCA consults on reducing late fees for regulatory returns | FCA |
Context
The FCA has published its latest Quarterly Consultation Paper no. 50, as CP25/35. There are three proposals which are potentially relevant to general insurance firms, in relation to the decommissioning of certain sections of the REP021 insurance pricing return, a change in submission frequency of the FIN073 Baseline Financial Resilience return, and a reduction in the late submission fee for reports and returns.
Key points to note and next actions
If the proposals go ahead:
- Price-setting insurance intermediaries will no longer need to complete REP021d (general insurance pricing information for closed books of business) but REP021e will still need to be completed.
- For firms which complete a financial year-end RMAR, and which complete Section A (RMA-A), they will only need to submit the FIN073 Baseline Financial Resilience return annually rather than quarterly unless they reported total revenue from regulated activities within the scope of the RMAR of more than £150m for that financial year.
- The current £250 fee for late submission of reports and returns will be reduced to £100. A key driver for this move is that 80% of firms have not used MyFCA, and there has been a marked improvement in submission timeliness as a result. Under the proposals, the FCA is proposing to provide clearer guidance and improved notifications, helping firms understand the process and avoid unnecessary admin fees.