UK regulator to simplify reporting
The Financial Services Authority (FSA), the UK regulator, plans to shorten two of its compulsory returns, in an effort to ease the administrative burden placed on UK industry.
The regulator has said it will cut the complaints return and the retail mediation activities return, which most firms must submit every six months, by 80% and 30% respectively.
The cuts are part of the FSA’s drive to improve reporting requirements, set out in its Better Regulation Action Plan.
The regulator was quick to point out that consumers will not lose out from simplification. Jeremy Heales, the FSA’s head of regulatory reporting and data analysis, said: “Although these proposals would
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