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FSA to simplify regulatory returns

The Financial Services Authority (FSA) has confirmed the Complaints Return and the Retail Mediation Activities Return (RMAR) will be simplified and shortened.

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% and 30% respectively.

In response to industry feedback, the FSA will not be implementing the revised Complaints Return until August 1, 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).

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