The MCCB says that regulation will require firms to submit six monthly reports of around 15 equivalent 'pages' electronically.
The MCCB believes this requirement may result in small firms with a lack of resource or internet access being severely over-burdened,
with some firms potentially being forced out of the market.
MCCB chief executive Luke March says: “Together with the disciplinary sanctions in place, and the time and cost pressures of reporting twice a year, I fear that many firms may be severely affected by this extra burden. If firms are forced to leave the market, this in turn may reduce competition and consumer choice in the intermediary sector.