The Financial Services Authority (FSA) has confirmed it will simplify and shorten the complaints return and the retail mediation activities return (RMAR).
The move, published in the regulator’s Policy Statement today, follows a July 2007 consultation paper.
With regards to the RMAR, the changes will include the removal of 'redundant' questions, and making mandatory certain questions that were previously optional.
The FSA will shorten the volume of information firms must report through the complaints return and RMAR, which most firms submit every six months, by about 80% and 30% respectively.
The regulator says this will reduce the administrative burden on firms and enable it to use the information more effectively to monitor and mitigate risks to its statutory objectives.
It will implement the revised RMAR in October 2008 and the revised complaints return on August 1 2009 so firms have a 12-month period to adjust their systems and processes.
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