This is the second time we have released significant detail on the volume of our data requests to industry, and how long we give firms to respond. This theme also includes survey data that captures firms’ sentiments towards our data collection activities.
Our outcomes
Metrics
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What the metric values tell us
This is the second time we have released this level of detail on our regular and ad hoc requests for data from firms (DC-M01). The notes to the metrics explain the basis and challenges of collecting the figures.
The total number of data requests has decreased by 2.9% compared to 2023/24, while the number of firms (as of 31 March 2025) has decreased by 7.6%. The difference is because firms that are no longer FCA regulated had fewer data requests relative to the overall population of firms. So the average number of requests firms received during the period has increased from 14.3 to 15.1, but this does not mean we are sending more information requests to existing firms.
The reduction in the number of data requests was due to ad hoc requests falling by 72% (from 58,517 to 16,100), partially offset by a 4% increase in the number of RegData requests (24,045 more requests). These RegData changes were mainly due to FIN073, the Baseline Financial Resilience Report, introduced during the 2023/24 reporting period. This means the 2024/25 reporting period is the first time this quarterly data request was collected 4 times. In 2023/24, this data was collected using the ad hoc financial resilience survey. Testing new data collections as ad hoc forms first allows us to test firms’ ability to provide accurate data and ensures that we only collect the necessary data for our regulatory activities before including these forms in regular RegData submissions. FIN073 contains fewer data points for firms to complete compared to the ad hoc financial resilience survey.
As part of our commitment to reduce the burden on firms, we published our policy statement in June 2025 on retiring 3 RegData collections, expected to benefit 16,000 firms. We should see the impact in next year’s metrics. In the next reporting period, we also plan to stop other repeat ad hoc collections, including those to consumer credit lenders, as we replace them with new RegData returns.
The average response times for data requests has decreased from 49 to 46 days. The timescales given to firms balance the urgency with which we need the data, how complex the data request is and how soon firms can respond. In December 2024, we introduced a default response time of 8 weeks for ad hoc data and information requests, recognising these requests are less predictable for firms.
Firms have mixed views on the time given to respond to our data requests and their necessity given alternative data sources (DC-M02). Over 5,300 flexible firms responded to the survey, compared to 42 fixed firms. Flexible firms are more likely to agree that they have sufficient time to respond to data requests than fixed firms. There have been increases in the number of fixed firms who strongly disagree or disagree that the FCA only asks for data about the firm that they cannot get from other sources. From verbatim comments in the survey, a number of fixed firms commented on the costly volume and/or frequency of data requests and that more predictability would be helpful. We have been acting quickly to switch off data returns that we no longer need, making it easier for firms to submit data to us. We always weight the benefit to firms of later response deadlines against the urgency with which we need the data to inform our interventions. We continue to look at how we can improve our data collections processes for firms of all sizes.