FCA removes reporting requirement that affects 36,000 firms

FCA authorised firms will no longer need to submit a nil return – in essence a document saying ‘nothing to report’ – when completing certain tasks relating to disciplinary actions taken at the company.

The FCA said that approximately 36,000 authorised firms – some 95% of the UK total – would now not need to complete the REP008 submission, a move aimed at “saving them time and reducing burden”.

This change was proposed in June 2025, prior to coming into force as part of the Handbook Notice No 132 that was published in August 2025.

The reduction in reporting requirements comes as part of the regulatory body’s Transforming Data Collection initiative – a collaborative scheme with the Bank of England that launched in July 2021.

The FCA said this programme was designed to “reinforce our commitment to cutting low value reporting, improving data use and becoming a smarter regulator”.

Stripping the REP008 submission follows similar reporting cuts earlier this year, such as the decision to decommission the general insurance pricing attestation (REP009) requirement in June.

‘Unnecessary burdens’

In January 2025, the FCA launched the online My FCA service, a web portal aimed at providing firms with a single sign in and access to all regulatory tasks in one place.

To further simplify communications with regulated entities, the FCA confirmed on 28 August 2025 that it would be changing its multifirm and thematic review process – instead of issuing Dear CEO or portfolio letters, it will soon be publishing a small number of market reports.

Furthermore, multifirm and thematic reviews published before 2022 will be labelled as ‘historic’ – this will affect around 80% of such documents.

The regulator noted: ”As part of our Consumer Duty requirements review, we’re streamlining our supervisory publications to make our priorities clearer and support our commitment to smarter, more effective regulation.”

Jessica Rusu, chief data, innovation and intelligence officer at the FCA, added: “We only ask for the data we need, making sure it’s proportionate, to reduce unnecessary burdens.

“Our focus is on collecting information that adds real value, while making it easier for firms to meet their regulatory obligations.”