The Financial Conduct Authority has identified further returns that it says are not necessary, following the launch of its consultation (CP25/13) to remove unnecessary data reporting for regulated firms. For general insurance firms, this includes form REP022 (General Insurance Pricing Attestation).

The FCA stated: “It’s [REP022] 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 consultation seeks to simplify the complaints notification process and reduce the regulatory burden for firms. The deadline to comment on the consultation is 24th July.