By Intense Life Desires 
FCA HQ
The FCA has proposed further cuts to data reporting requirements by reducing the frequency of submissions for selected sections of the Retail Mediation Activities Return (RMAR).
It claims the changes will ease the regulatory burden for around 11,000 retail intermediary firms.
Under the proposals in its CP25/24 quarterly consultation paper, firms would move from quarterly or bi-annual reporting to a single annual submissions for three RMAR sections:
- RMA-E: Professional indemnity insurance
- RMA-G: Training and competence
- RMA-M: Pension transfer specialist advice
The FCA consultation said: “The regular submission of the Retail Mediation Activities Return (RMAR) has historically served as an important mechanism for monitoring firms, consumer outcomes, and risk in relation to the activities of retail intermediary firms. However, our analysis has revealed that a reduction in reporting frequency for the sections of RMAR detailed in the proposals would allow firms to allocate resources more efficiently, without undermining the FCA’s ability to monitor key risks or intervene in a timely manner.”
Jessica Rusu, chief data, information and intelligence office at the FCA, said the changes would reduce regulatory red tape for financial advice firms.
She said: “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.”
The consultation closes on 15 October.
Last month the FCA said it will remove or reduce regulatory returns for 95% of regulated firms.
The change is part of the FCA’s Transforming Data Collection initiative.
Earlier in 2025 the FCA said it would remove 3 returns, reducing the burden for 16,000 firms.
The FCA said: “These changes reinforce our commitment to cutting low-value reporting, improving data use and becoming a smarter regulator.”