The FCA is consulting on consolidating 5 current returns firms need to complete on complaints data into one, as part of its ongoing drive to cut unnecessary administrative tasks.
It says the plans will help 10,000 firms who currently have to submit multiple returns both through consolidation of the form and through it standardising the number of times it asks regulated firms to send data returns so the firms can more easily predict the timing of requests.
The returns in question are:
- the main DISP 1 return;
- the main CCR return;
- the payment services return;
- the CMCs return; and
- the funeral plan complaints return
Consultation closes on 24 July.