The Financial Conduct Authority is proposing to remove unnecessary data reporting, in a move it said will benefit nearly all firms, help to reduce burden and unlock economic growth.
Among the changes is a proposal to decommission REP022 (General Insurance Pricing Attestation).
According to the regulator, it is no longer an essential way to monitor firms’ compliance.
“We’re making this change as we consider there to be more proportionate ways of ensuring senior managers remain accountable for compliance with our pricing rules,” the FCA stated.
We’ve determined that nil return submissions do not provide additional regulatory value to our supervision.
In addition, the watchdog is
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