Integrated regulatory reporting review to shorten returns

The Complaints Return and Retail Mediation Activity Return (RMAR), sent in every six months by the vast majority of regulated firms, are set to contract by 80% and 30% respectively under proposals in CP07/17. Complaints Return data elements will reduce in number from 875 to 170 through deleting the distinction between complainants who are private individuals and small businesses; simplification of the breakdown of complaints by product and cause; removal of Financial Ombudsman Scheme (FOS) referral rates – the ombudsman will provide this data; and taking out the requirement to provide a figure for ‘complaints outstanding at the end of period’. The regulator is also adding some boxes, namely, to provide a sector breakdown of how quickly complaints are handled; redress paid as well as uphold rates. Firms will also have to enter how many complaints were closed after 12 weeks in order to pick up backlogs or complaints that are taking more time to handle, which may suggest they are more serious.