The FCA is consulting on reducing its administration fee for late or overdue returns to £100. It is consulting on the proposal as part of its quarterly consultation. It says changes to its processes have resulted in better compliance rates from firms, and as a result, it feels it can give better guidance to firms on how to report on time and reduce the fee for those that still miss the deadline. As a result of the consultation, it won’t send late fees to firms whose returns are due between 22 December 2025 and 5 January 2026.
It is also consulting on removing 3 more data collections – this time for insurance firms relating to general insurance pricing practices, and also on reducing the reporting frequency of the Baseline Financial Resilience Report so that most firms that also submit section A of the RMAR will only have to submit annually in future.
Consultation closes on 19 January.