(Reuters) -Britain’s Financial Conduct Authority is revamping the way it collects data from consumer credit providers in an effort to streamline the process and to clarify standard expectations of brokers, debt counsellors and advisers active in the industry.
The watchdog has required consumer credit firms to periodically supply regulatory returns since 2014 but the data received can be inconsistent or not reflective of the harms it has uncovered in the sector, the FCA said on Wednesday.
As a result, many firms face additional ad hoc data requests that the FCA is seeking to minimise.
“The changes help streamline our data collection process so that we collect only what is necessary for the effective supervision of firms, ensuring they can focus on high-value reporting that supports better consumer and market outcomes,” the FCA said.
The new return will pose tailored questions, reflecting the specific business models of individual firms supporting more than 40 million consumers, the FCA said.
“It will also enable us to better support consumers and focus our work where harm is greatest.”
(Reporting by Yamini Kalia in Bengaluru and Sinead Cruise in London; Editing by Ewan Harwood)
