The FSA has described its proposals for regulatory reporting in two consultation papers published today.
CP197 `Reporting requirements for mortgage, insurance and investment firms, and supplementary consultation on audit requirements' defines the categories of information that the FSA wishes to collect.
The categories are: standing data, financial information, threshold conditions, training & competence, conduct of business information, supplementary product sales data, complaints and large exposures.
CP197 proposes that firms should submit this information electronically on a half-yearly basis, although larger firms (those with an annual income of more than £5m) should report on a quarterly basis.
The consultation paper also outlines the audit requirements for firms, including the circumstances in which firms must appoint an auditor and the content of the auditor's report.
CP198 `Regulatory reporting - a new integrated approach' describes the FSA's proposals for an integrated reporting regime.
Areas for comment include: reporting aligned to a firm's year-end with standardised reporting frequencies; explicit confirmation of standing data; mandatory electronic reporting; and revised claims data.
The proposals in CP198 sit alongside those contained in CP197.
The consultation period for CP197 ends on 11 December 2003, and ends on 12 December 2003 for CP198.
