We’re proposing to make further cuts to data reporting, that will benefit 11,000 retail intermediary firms.
Regular submission of the Retail Mediation Activities Return (RMAR) helps support firms, understand consumer outcomes, and flags any issues that may come up with retail intermediary activities.
Our analysis has enabled us to reduce the reporting frequency of selected RMAR sections.
Jessica Rusu, chief data, information and intelligence officer of the FCA said:
'We welcome the positive feedback from firms on our earlier data reporting consultations. This latest proposal cuts unnecessary reporting, focuses only on essential information, and reflects our role as a smarter regulator, maintaining strong oversight while easing the burden on firms.'
We propose to amend the reporting frequency from quarterly and bi-annually, to annual for the following returns:
- Section E of RMAR (known as RMA-E) – Professional indemnity insurance
- Section G of RMAR (known as RMA-G) – Training and competence
- Section M of RMAR (known as RMA-M) – Pension transfer specialist advice
The consultation closes on 15 October 2025 and forms part of our Transforming Data Collection programme, which is a joint venture between the FCA and Bank of England. The programme has already reduced data reporting burden for over 36,000 firms.