Budget: Treasury to reduce 'disproportionate' reporting rules

clock

The Treasury aims to cut back "disproportionate" requirements to report information to the Financial Services Authority (FSA) in its proposed amendments to the Financial Services and Markets Act 2000 (FSMA).

Its consultation proposals form part of a 10 point action plan of reforms to wholesale and retail financial markets set out in the 2005 Pre-Budget Report, which reflects a number of concerns raised by industry and consumers about financial services regulation. In particular, the consultation seeks views on proposed changes to sections 178-192 and 422 of FSMA, which relate to when persons are required to notify the FSA about controlling relationships which they hold, or propose to hold, over a person authorised by the FSA – known as the “FSMA controllers regime”. At present some busine...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

In Accord launches advice firm client investment 'badge' initiative

In Accord launches advice firm client investment 'badge' initiative

To demonstrate commitment to understanding client needs

Laura Purkess
clock 17 February 2026 • 2 min read
Feel Good Friday: Quilter pledges £3m towards financial education

Feel Good Friday: Quilter pledges £3m towards financial education

Alongside £1m in grants supporting charities

Professional Adviser
clock 13 February 2026 • 1 min read
Brits unlikely to see IFAs despite Budget impact

Brits unlikely to see IFAs despite Budget impact

Just 19% were likely to seek advice, Continuum finds

Isabel Baxter
clock 12 February 2026 • 3 min read