Returns to be shortened by up to 80%
The Financial Services Authority (FSA) will simplify and shorten the complaints return and the retail mediation activities return (RMAR) which brokers must complete.
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.
The FSA said this will enable it to use the reporting information more effectively “to monitor and mitigate risks to its statutory objectives and, importantly, reduce the administrative burden on firms in completing these returns”.
In response to industry feedback, the FSA will not be implementing the revised Complaints Return until 1 August 2009, so that firms have a 12-month period to adjust their systems and processes. Te revised RMAR will still go live in October 2008, it added.
