The regulator said that the volume of information firms were required to report through the Complaints Return and RMAR would be reduced by around 80 per cent and 30 per cent respectively.
The regulator claimed this would allow it to use the information more effectively to monitor and mitigate risks to FSA objectives and would reduce the burden on firms.
While the revised RMAR will be introduced in October 2008, the FSA has decided not to implement the revised Complaints Return until 1 August 2009 to give firms a 12-month period to adjust their systems and processes.
Adam Richards-Gray, spokesman for the FSA, said: “This is good for all firms, but particularly small firms, as it reduces their admin burden and reduces the returns they have to supply. By listening to feedback, we are also delaying the implementation of the Complaints Return to give firms more time.”
Patrick Bunton, operations and compliance director for London & Country, said: “For the complaints report, the net reduction is of 730 tick boxes. It’s largely a hypothetical reduction that assumes firms were using all the boxes and doesn’t have much practical impact. There’s always the danger that when you cut down to percentages, you get an incomplete picture of what is getting removed. The FSA is also adding some boxes that have the potential to create more work.
“However, in concept, anything that reduces the need for information that receives no tangible use from the FSA is good.”
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