The Financial Conduct Authority has launched a consultation seeking views on two proposed minor changes it believes will reduce the reporting burden for insurers. The regulator is planning to scrap the need to disclose the amount that the top 2% of claim pay-outs are above as well as details of a firm’s 5 largest distribution arrangements for individual products.

The consultation is open until 9th October and the FCA says it will then be looking to consult on wider changes to its value measures rules in the first half of next year. The value measures rules came into play in 2021 and mandate that firms report data in areas such as claims frequency, claims acceptance rates, average claim pay-outs and claims complaints.

The regulator subsequently introduced its General Insurance Pricing Practices rules and the Consumer Duty to provide a framework to assess product value and drive good consumer outcomes.

In a statement, the FCA, said: “We don't publish these data points and don't use them widely in our supervisory work, so removing them should reduce firm burden without reducing the usefulness of the data.

“We propose these changes take effect for 2026 and 2027 data submissions on a transitional, optional basis, becoming mandatory from the 2028 reporting year (due to be submitted in 2029).”