The FCA has said it is looking at ways to reduce the burden on firms from answering its requests for information after a panel of advisers branded them ‘substantial and often uncoordinated’.
According to board minutes released by the regulator, its Practitioner Panel – a group of industry experts that advises the FCA – “had expressed some concern about the burden on industry of substantial and often uncoordinated data requests associated with market studies and other reviews” at a recent meeting.
The FCA’s notes read: “The Board discussed the changes that had been made to internal processes, which should ease the burden on firms, and it was suggested that the chair of the Information Governance Board should meet with the panels to explain the processes which were now in place.”
The volume of information provided to the regulator by firms has been raised a number of times by several of the FCA’s advisory panels. In March, for example, its Smaller Business Practitioner Panel noted the amount of information small firms were receiving from the FCA “was becoming overwhelming”.
The FCA noted that “regulatory overload” was a common theme among the annual reports of its four expert panels when it responded to them in October.