The FCA has launched a consultation on proposals to reduce the administrative fee for overdue or late regulatory returns from £250 to £100.
The changes aim to make it fairer and more proportionate, particularly for smaller firms and those with limited resources.Since the fee was introduced, we’ve made major changes to processes, including how fees are paid, as well as launching My FCA earlier this year. This has resulted in an increased compliance rate amongst firms and reflects the positive impact of our continuous improvements. My FCA has now been used by 80% of firms.Under our new proposals, we’re proposing to provide clearer guidance and improved notifications, helping firms understand the process and avoid unnecessary admin fees.We’re also proposing to remove 3 more data collections for insurance firms that are no longer needed.The consultation reflects our ongoing commitment on continuously improving regulatory processes. Our proposals demonstrate a smarter approach to regulation by streamlining compliance and reducing firm burdens.For more information and to respond to the consultation, please review theDecember 2025 QCP chapter on Late Fee Reduction.