| Link(s): | FCA cuts more data reporting to benefit 11,000 firms | FCA CP25/24: Quarterly consultation paper No. 49 | FCA CP25/24: Quarterly Consultation Paper |
Context
The FCA has published its latest Quarterly Consultation Paper CP25/49, and has also published a web page, outlining proposals to make further minor cuts to data reporting.
Key points to note and next actions
The relevant proposals within the Consultation which will impact our clients will be to amend the reporting frequency to annual (from quarterly/bi-annually) for the following returns:
- Section E of RMAR (known as RMA-E) – Professional indemnity insurance.
- Section G of RMAR (known as RMA-G) – Training and competence.
Firms submitting RMARs currently, either quarterly or six-monthly, will only need to complete these particular sections once a year if the proposals are taken forward. These proposals are covered in Chapter 4 of the Consultation, which closes on 15th October 2025 and forms part of the FCA Transforming Data Collection initiative (a joint venture between the FCA and Bank of England).
Firms should note that RegData requires ‘cross-validation’ between sections A, D1 and E before they can be submitted, so any potential issues here would need to be resolved by the FCA.
Firms will still be required to notify the FCA if they cease to hold adequate PII at any point during the reporting cycle, under Supervision manual (SUP) Chapter 15.