The Financial Conduct Authority has simplified the data reporting requirements for its Senior Managers and Certification Regime, which requires solo-regulated firms to tell the regulator if disciplinary action has been taken against individuals. Moving forward, firms will no longer need to complete a nil return if no action has been taken.

Jessica Rusu, chief data, innovation and intelligence officer at the FCA, said: “We only ask for the data we need, making sure it's proportionate, to reduce unnecessary burdens. Our focus is on collecting information that adds real value, while making it easier for firms to meet their regulatory obligations.”

The regulator said the change would impact around 36,000 firm that would no longer need to submit a nil return and supported its ongoing drive to reduce the regulatory burden for businesses.