The volume of information that firms must report through the Complaints Return and RMAR – both of which are submitted every six months by most firms – will be reduced by around 80 per cent and 30 per cent respectively.
This will enable the FSA to use the reporting information more effectively to monitor and mitigate risks to the FSA's statutory objectives and, importantly, reduce the administrative burden on firms in completing these returns.
In response to industry feedback, the FSA will not be implementing the revised Complaints Return until 1 August 2009, so that firms have a 12-month period to adjust their systems and processes (the revised RMAR will still go live in October 2008).
These changes, which sit within the FSA's broader Policy Statement (published today) on regulatory reporting, meet the regulator's commitment in its Better Regulation Action Plan (published in December 2005) to review these returns. This Policy Statement follows the consultation on proposals set out in the FSA's July 2007 Consultation Paper.
