Two consultation papers, dealing with the type of information brokers will have to provide to the FSA on an ongoing basis, have been released.

CP197: Reporting requirements for mortgage, insurance and investment firms, sets out the FSA's proposals for collecting information from brokers after regulation begins. The FSA proposes to collect basic information such as the firm's name, financial information. This includes balance sheets, profit and loss statements and details on the operation of client money accounts.

The FSA will also require information on training and competence and complaints.

All brokers will be required to submit this data electronically. Brokers with annual income of less than £5m will be required to report every six months, with larger brokers to report quarterly. Closing date is 11 December.

CP198: Regulatory reporting - a new integrated approach, sets out the FSA's high level approach to future regulatory reporting. Closing date is12 December.